U.S. crude oil production increases last week

Source: Xinhua| 2019-02-22 10:16:57|Editor: Xiaoxia
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HOUSTON, Feb. 21 (Xinhua) -- U.S. crude oil production increased during the week ending Feb. 15, the U.S. Energy Information Administration (EIA) said on Thursday.

According to the EIA, the weekly U.S. production of crude oil averaged 12 million barrels per day (b/d), ending the number of 11.9 million b/d for five consecutive weeks. The data last week was also 100,000 b/d more than the previous week and up by about 2 million b/d year-on-year.

A shale revolution, vaulting the country above Saudi Arabia and Russia as the world's biggest producer, made the oil production surge, according to the local energy industry publisher Hart Energy.

Oil prices fell on Thursday amid the sharp rise in crude inventories, stoking concerns over possible supply glut. The West Texas Intermediate for April delivery was down 0.20 U.S. dollar to settle at 56.96 dollars a barrel on the New York Mercantile Exchange, and the Brent crude for April delivery was down 0.01 dollar to settle at 67.07 dollars a barrel on the London ICE Futures Exchange.