U.S. crude oil production registered a record high last week, climbing to 12.2 million barrels per day, after hovering in the range of 12.0 million to 12.1 million bpd since mid-February, according to data from the Energy Information Administration.
In addition, bolstered by higher imports, crude oil inventories also soared unexpectedly. Crude oil inventories increased by 7.2 million barrels in the week ended March 29. Most of the buildup was attributed to production in the Gulf Coast, where stockpiles rose by 8.7 million barrels, the largest increase in the region since September 2017.
And last week, crude oil imports were up by 386,000 bpd, while exports declined by 163,000 bpd to 2.7 million bpd.
Oil prices have been little changed, however, and remain near the highest levels recorded this year. Following the data release, U.S. crude was up 5 cents at $62.63 a barrel, while Brent oil rose 10 cents to $69.47 a barrel.