Record U.S. Production Cause Oil Prices To Dip – 6 March, 2019

Record U.S. crude production caused oil prices to dip, with inventories reaching a total 452.93 million barrels as stockpiles grew by 7.1 million barrels. U.S. West Texas Intermediate crude oil futures were down 11 cents and 0.2 percent to $56.11 per barrel. OPEC’s efforts to cut global production to balance the market and raise prices have been undermined by the U.S. who has continued to break records with its output numbers which just hit 12.1 million barrels per day.