Oil prices climbed up marginally after recovering from losses due to a record high in US crude stock.
Reuters reported that Brent crude futures gained 6¢ to touch at $54.42 a barrel while US West Texas Intermediate (WTI) crude futures traded at $51.16 a barrel, up by 1¢.
The US Energy Information Administration (EIA) previously reported 1.57 million barrels improvement in crude inventory, which takes the total to a record high of 535.5 million barrels, an increase that triggered a decrease in crude prices.
Daily US oil production increased by 52,000 barrels per day (bpd) to 9.2 million barrels.
Petromatrix consultant Olivier Jakob said: “The US crude oil production profile is a mirror image of where it was last year, when at the end of the second quarter, production was 600,000bpd lower than at the start of the year and this year is going to be the opposite.
“By the end of the second quarter, you could have US production up by one million barrels per day.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
US crude exports also reached a daily record of 1.1 million barrels.
Most of these exports were to Asia, where the market has tightened due to OPEC’s output cut to reduce global oil glut.