Oil prices continue to fall as US production rose to a record high, continuing losses for a fourth straight day as the US Energy Administration announced yesterday that crude inventories in the United States rose by 1.6 million barrels for the week ended March 23, About 0.5 million barrels.
US crude rose by 0.22% to reach $ 64.52 a barrel. US crude opened today at $ 64.68, recording a high of $ 64.83 and a low of $ 64.44.
US crude ended yesterday’s trading down 0.1%, the third consecutive daily loss, and Brent crude fell 0.8% and the lowest level in a week at $ 67.96 a barrel.
As for Brent crude, it started the day at $ 69.05, recording a high of $ 69.09 and a low of $ 68.53. Brent crude was down 0.12%.
Turning to US crude, we saw a record rise in production last week of about 30,000 barrels per day, the fifth consecutive weekly increase, bringing the total production to 10.43 million barrels per day, the highest level of American production ever.
The Organization of the Petroleum Exporting Countries (OPEC) and the independent producers led by Russia are important and historic commissioners to turn the current agreement to cut world production on a year-to-year basis into a 10-year long-term agreement.
Earlier this week, Saudi Oil Minister Khalid al-Faleh confirmed that the 1.8 million-barrel-per-day (bpd) OPEC-led cut in oil production, co-sponsored by its producer allies abroad, led by Russia, had helped absorb two thirds of the surplus in the market.
