U.S. Oil Production Reaches New Heights – 25 October, 2017
Despite analysts prediction of a decrease in oil production by 2.6 million barrels, crude inventories rose by 856,000 barrels this week. Brent crude settled at $58.44 per barrel, up 11 cents, while West Texas dropped to $52.18, down by 29 cents. Despite Saudi Arabia and OPEC’s plan to cut oil production to the five year average, U.S. exports averaged 1.7 million barrels per day in the last month and hitting records of its highest ever.