U.S. Crude Production Hits New Record – 7 February, 2018

Despite U.S. crude production breaking a record 1970, crude oil futures fell 2.1 percent and down $1.35 per barrel to $66.03 a barrel. Brent crude, the global benchmark, fell 84 cents to $66.03 per barrel. Production hit 10.25 million barrels this week, knocking over the 10.044 million bpd record set almost fifty years ago. Last week, U.S. crude net imports fell by 60,000 barrels per day.