U.S. Oil Production Hits New Record – 16 January, 2019

U.S. crude is close to producing 12 million barrels per day in a move that caused prices to dip amidst worries of weakening demand. International Brent crude oil futures dropped 0.6 percent and 34 cents to $60.98 per barrel. U.S. West Texas Intermediate crude futures fell 0.6 percent and 31 cents to $52 per barrel. Just 9 days into the new year, U.S. oil production reached a new record of 11.9 million barrels per day, the worlds largest national output, up from 11.7 million bpd last week. American supply and a global economic slowdown have many analysts worried will cause a recession.