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Oil prices stabilize due to record levels of US production and China imports

The Address | Benghazi – Libya

VIENNA – Oil prices held steady on Thursday as they came under pressure as the United States became the world’s largest producer of crude after it reached its highest level ever, but oil was also supported as China continued on another record track of record imports.

By 05:54 GMT, Brent crude futures were near $ 72 a barrel, down seven cents from the previous close.

US West Texas Intermediate crude futures were $ 61.72 a barrel, up 5 cents from the previous settlement price.

That is three times the level of US production 10 years ago and has been 22.2 percent more than the beginning of this year alone. The United States thus becomes the world’s largest producer of crude.

More US oil is likely to be pumped. The Energy Information Administration expects production to exceed 12 million bpd by mid-2019 due to higher oil production.

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