Oil News: Record U.S. Production Tests Crude Oil Futures at 200-Day Average
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Key Points:
- Record U.S. crude production hit 13.93 million bpd, adding fresh supply as oil prices struggle to recover.
- WTI and Brent remain pinned near their 200-day moving averages, signaling a major breakout may be close.
- Expected U.S. inventory draw faces record production, limiting the bullish impact on crude oil futures.
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U.S. oil producers just set a production record and the market barely flinched. Output hit 13.93 million barrels per day in April, the highest in American history, and it is landing at a moment when the war premium that justified $100 crude has almost entirely disappeared. Tankers are moving through the Strait of Hormuz again. Diplomatic teams are talking in Doha. And the crude that was supposed to stay scarce is showing up everywhere.