{"id":7399,"date":"2019-10-09T19:41:22","date_gmt":"2019-10-09T14:41:22","guid":{"rendered":"http:\/\/umang.pk\/2019\/10\/crude-stocks-rise-as-u-s-oil-production-hits-new-record\/"},"modified":"2019-10-09T19:41:22","modified_gmt":"2019-10-09T14:41:22","slug":"crude-stocks-rise-as-u-s-oil-production-hits-new-record","status":"publish","type":"post","link":"https:\/\/umang.pk\/en_us\/2019\/10\/09\/crude-stocks-rise-as-u-s-oil-production-hits-new-record\/","title":{"rendered":"Crude stocks rise as U.S. oil production hits new record"},"content":{"rendered":"
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    Wednesday, March 7, 2018, there is an oil storage tank in Port Corpus Christi harbour. (Mark Mulligan \/ Houston Chronicle)<\/p>\n<\/div>\n

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    Wednesday, March 7, 2018, there is an oil storage tank in Port Corpus Christi harbour. (Mark Mulligan \/ Houston Chronicle)<\/p>\n<\/div>\n

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    \n Photos: Mark Mulligan, Houston Chronicle
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      \n Photos: Mark Mulligan, Houston Chronicle
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      Wednesday, March 7, 2018, there is an oil storage tank in Port Corpus Christi harbour. (Mark Mulligan \/ Houston Chronicle)<\/p>\n<\/div>\n

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      Wednesday, March 7, 2018, there is an oil storage tank in Port Corpus Christi harbour. (Mark Mulligan \/ Houston Chronicle)<\/p>\n<\/div>\n


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      \n Photos: Mark Mulligan, Houston Chronicle
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      Crude oil prices rise as US oil production hits new record<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n

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      US crude oil production set new records last week, helping to increase crude oil stockpiles.<\/p>\n

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      The U.S. Energy Department said crude oil production reached a new high of 12.6 million barrels per day, contributing to a 2.9 million barrel increase in commercial crude oil inventories.<\/p>\n

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      In addition, what helped to increase storage levels was the reduction of refinery activity due to planned and unplanned refinery outages and the transition to seasonally cheap winter fuel. According to the Energy Department, refineries only accounted for 86 percent of last week's operating capacity.<\/p>\n

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      Despite the increase in crude oil, oil supplies across the United States fell by 8.3 million barrels. Gasoline inventories were reduced by 1.2 million barrels, and the fuel oil supply used to make diesel and heating oil was reduced by nearly 4 million barrels.<\/p>\n

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      Crude oil exports also increased to 3.4 million barrels a day.<\/p>\n

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      Related: Crude Oil Prices, Ominous Signs for Industry<\/p>\n

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      And last week, the US was a net exporter of oil and products, with margins. It happened only a few times a week.<\/p>\n

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      Wednesday's US crude oil benchmark remained near $ 53 a barrel.<\/p>\n

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