Crude prices fall as US shale output growth gathers pace

Oil prices edged lower towards $64 per barrel on Monday on predictions of a major spike in US oil output in the next five years. 

International benchmark Brent crude was down 21 cents, having shelved morning gains of around 0.6 per cent, at $64.16 a barrel by 13:19 GMT. The contract was well below this year's highs of over $71 per barrel that it hit in January. 

US West Texas Intermediate crude was virtually flat at $61.23 per barrel.

The International Energy Agency on Monday revised US oil output growth up sharply, saying the country would be producing a total of nearly 17 million barrels per day in 2023, up from 13.2 million last year, eating into Opec's market share and moving closer to self-sufficiency. 

The IEA, which advises industrialised nations on energy policies, also said it expected oil demand growth to average a fairly robust 1.1 per cent a year to 2023 and said Opec would fail to significantly increase its production capacity.