Crude Oil Futures Trade Lower As Weekly U.S. Production Jumps To Two-year Highs

Crude oil futures reversed lower on Wednesday after the Energy Information Administration reported that domestic production jumped to the highest weekly level in over two years.

U.S. West Texas Intermediate crude for September delivery shed more than 0.5 percent to trade at $47.26 a barrel on the New York Mercantile Exchange. The Energy Information Administration on Wednesday released data that showed supplies of crude oil fell by 8.9 million barrels in the week ended Aug. 11.

The reading did not only remark a seventh-straight weekly decline in U.S. crude supplies but was also more than double than the drop of 3.6 million barrels expected by analysts.

However, the report pointed to a rise of 79,000 barrels a day in total crude-oil production to 9.502 million barrels a day last week. According to EIA figures, that was the highest weekly output figure since mid-July 2015.

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