Boom! Weekly US crude oil production hits an all-time high

Boom! Weekly US crude oil production hits an all-time high

Prices were also buoyed this week by a sweeping purge of top officials and businessmen in Saudi Arabia.

Brent crude futures LCOc1 were down 51 cents, or 0.8 percent, at $63.76 a barrel by 12:32 p.m. (1732 GMT), having climbed 3.5 percent on Monday.

Several traders said prices got a boost from unconfirmed rumors that Saudi King Salman would relinquish the throne to his son Crown Prince Mohammed Bin Salman.

-December light, sweet crude on the New York Mercantile Exchange was recently down 0.3% at $57 a barrel in the Globex training session.

Fueling the upturn are expectations that an end to a production cut by the Organization of Petroleum Exporting Countries (OPEC) may be postponed till the end of next year from March, according to some analysts.

Crude oil prices drift lower early Wednesday after Saudi Arabia's monetary authority seeks to allay investor concerns.

Lake snow, record cold late this week
Monday's high will be 44 and Tuesday's high could be near 50, with a chance of rain Tuesday evening through Wednesday. Snow will taper off into the overnight and early Friday morning as high pressure moves back into the area.

Also responsible are an expected rise in crude demand stemming from the strong global economy and high geopolitical risks in Saudi Arabia, the world's largest oil exporter, they said.

Analysts expected a 2.7 million barrels drop in crude seen, a 2.100 million barrels decline in distillates and a 2.176 million barrels easing in gasoline inventories expected. Last week, the EIA's Petroleum Status Report showed USA exports at an all-time high above 2 million barrels a day.

USA output expanded for a third week to 9.62 million barrels a day, the highest in weekly Energy Information Administration data going back to 1983.

On the economic front, the number of rigs operating in US oil fields fell by eight to a total of 729 rigs last week, notching the lowest level since May, oilfield service firm Baker Hughes said in its weekly report on Friday. Texas issued 997 oil and gas drilling permits last month, up almost 17 percent from a year earlier.

"It doesn't matter how bullish the fundamentals are. when an asset goes vertical there is always room for a pullback and consolidation of recent price moves", said Greg McKenna, chief market strategist at brokerage AxiTrader.

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