Big crude inventory draw helps boost oil prices - Chron

A big dip in the nation's crude stockpiles helped alleviate fears of another glut as U.S. oil production continues to surge to new record highs each week.

Commercial crude inventories in the U.S. fell by 8.6 million barrels last week, while refined gasoline stocks declined by 1.9 million barrels. The nation's overall petroleum stocks actually fell by  a whopping 17.9 million barrels, according to weekly data from the U.S. Energy Department.

The news helped boost U.S. oil prices back above $57 a barrel after a drop in the beginning of the week.

The federal government projected U.S. oil production at a new record of 12.1 million barrels a day, up from the previous estimated record of 12 million barrels, which was set just one week prior.

RELATED: As energy world focuses on Permian, Gulf makes its own comeback

West Texas's booming Permian Basin followed by the Gulf of Mexico are leading the nation in oil outputs. South Texas' Eagle Ford shale and North Dakota's Bakken shale are roughly tied for third place.

U.S. oil exports last week were at 3.36 million barrels a day, down slightly from the new record set a week prior at more than 3.6 million barrels daily.


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