After a rough week, oil returns to a steady position. Despite the drop in recent inventories, the U.S. output was so high that it established an offset.
Nasdaq reports, “Brent crude futures edged down 11 cents to $66.75 a barrel by 0951 GMT, while U.S. West Texas Intermediate (WTI) crude futures eased 12 cents to $63.27 a barrel.”
Output has increased by 1 million barrels per day to roughly 10 million. The EIA anticipates the output to increase to 11.18 million barrels per day, with risks of producing more oil than Russia, the world’s largest producer.