U.S. Oil Prices Drop As Production Output Hits New Record – 12 March, 2018

U.S. crude production is expected to hit a record high of 6.95 million barrels per day in April, up 131,000 bpd from March. U.S. oil production has been on the rise  and could possibly disrupt global supply balance as they offset efforts by OPEC and Russia to cut production. The overproduction has caused U.S. prices to fall with West Texas Intermediate taking an 11 cent and 0.2 percent fall to $61.25 per barrel, while Brent Crude Futures is down 10 cents and 0.2 percent to $64.85 per barrel. At this rate, U.S. crude oil production is expected to hit a whopping 11 million barrels per day by the end of 2018.