25 January 2018 11:53 p
[rtl]Direct : US oil production rose last week, approaching the highest level ever recorded at 10 million barrels per day.[/rtl]
Data from the US Energy Information Administration showed on Wednesday that US oil production reached 9.88 million barrels per day in the week ending Jan. 19.
US production of oil is nearing the highest level ever recorded in 1971 at 10 million barrels a day.
Since mid-2016, US oil production has risen by more than 17%.
The US Energy Information Administration has forecast that the average US oil production will jump to a record level this year and then exceed 11 million bpd next year.
By 8:45 am GMT, the price of Brent crude futures rose 0.7% to $ 71.05 a barrel.
Nymex crude futures were up $ 1.1 million at $ 66.34 a barrel.