Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

Oil Prices Reverse as U.S. Crude Production Sets Record High

Published 2020-03-04, 11:41 a/m
© Reuters.
LCO
-
CL
-

By Barani Krishnan

Investing.com - Oil prices reversed early gains on Wednesday as data showed U.S. crude production hit record highs last week, suggesting that drillers in the world’s largest producer were pumping at optimum levels amid the global demand destruction to energy caused by the novel coronavirus.

Crude production for the week ended Feb. 28 hit a record high of 13.1 million barrels per day versus the previous peak of 13 million bpd, according to latest weekly data from the Energy Information Administration.

West Texas Intermediate, the benchmark for U.S. crude prices, was down 2 cents at $47.16 per barrel.by 11:37 AM ET (16:37 GMT). It earlier hit a session high of $48.41 on better-than-expected crude and fuel inventory numbers reported for last week by the EIA.

Brent, the London-traded global benchmark for crude, was down 21 cents at $51.65.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.