Oil trades near mid-2015 highs on fewer US rigs, OPEC supply caps

CNBC | Staff

Due to current U.S. output levels, the U.S. is expected to exceed 10 million barrels per day in 2018.  

U.S. West Texas Intermediate (WTI) crude futures rose 2 cents to $61.46 a barrel by 10:35 a.m. ET (1535 GMT). WTI last week reached $62.21, the highest since May 2015. U.S. production is expected to break through 10 million barrels per day (bpd) very soon, largely thanks to soaring output from shale drillers. Only top producers Russia and Saudi Arabia produce more. “The U.S. oil price is now into a range that is anticipated to attract increased shale oil production,” said Ric Spooner, chief market analyst at CMC Markets in Sydney.

https://www.cnbc.com/2018/01/07/oil-markets-focus-on-lower-us-rig-count.html

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