Oil is capped as American output hits 10 million bpd

Oil is capped as American output hits 10 million bpd

On Thursday, crude was steady, underpinned by dipping crude inventories in America, although capped by output, rapidly approaching 10 million barrels a day – this level was only exceeded by Russia and Saudi Arabia.

American West Texas Intermediate crude futures hit $58.16 a barrel, gaining 7 cents from their previous settlement.

Meanwhile, Brent crude futures tacked on 6 cents being worth $64.54 a barrel.

Both benchmarks earned approximately 1% during their last sessions, backed by official data disclosing a 6.5 million-barrel dip in American crude inventories to 436 million barrels by December 15, which is the lowest outcome since October, 2015.

US crude output suddenly grew, while a soar in gasoline stocks indicated a slowdown in demand.

American crude output is very close to overleaping 10 million barrel a day, thus undermining efforts led by OPEC and Russia to tighten the crude market through withholding supply in 2017 and 2018.

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