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Oil Prices Reverse as U.S. Crude Production Sets Record High

Published 03/04/2020, 11:41 AM
Updated 03/04/2020, 11:42 AM
© Reuters.

By Barani Krishnan

Investing.com - Oil prices reversed early gains on Wednesday as data showed U.S. crude production hit record highs last week, suggesting that drillers in the world’s largest producer were pumping at optimum levels amid the global demand destruction to energy caused by the novel coronavirus.

Crude production for the week ended Feb. 28 hit a record high of 13.1 million barrels per day versus the previous peak of 13 million bpd, according to latest weekly data from the Energy Information Administration.

West Texas Intermediate, the benchmark for U.S. crude prices, was down 2 cents at $47.16 per barrel.by 11:37 AM ET (16:37 GMT). It earlier hit a session high of $48.41 on better-than-expected crude and fuel inventory numbers reported for last week by the EIA.

Brent, the London-traded global benchmark for crude, was down 21 cents at $51.65.

Latest comments

ahhh
it is only 0.78M excess. how is that record high
US production has now reached to a new level. Never in the history, they have witnessed such level.So for them it is still the record high or all time high production level.
the oil companies need to go green and stop selling oil for anything less than $75 and see how green people rally wanna be
That will happen, yes
Dont stop at $75
If you set $75 as the floor for WTI, OPEC will eat US domestic production alive by selling for $70 and laughing all the way to the bank.
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