Oil prices held steady on Thursday that it came under pressure as US became the world's largest producer of crude oil after it’s highest ever production.
By 05:54 GMT, Brent crude futures for the month were near $72 a barrel, down seven cents from the previous close. US West Texas Intermediate crude futures were $61.72 a barrel, up 5 cents from the previous settlement price.
US production reached 11.6 million barrels per day in the week ending November 2, according to data from the US Energy Information Administration on Wednesday.
That is three times the level of US production 10 years ago and has been up 22.2% since the beginning of this year alone. The United States thus becomes the world's largest producer of crude.
Data from the Chinese Customs Administration showed today that oil imports in October rose YOY to 40.80 million tons, or 9.61 million bpd from 9.05 million bpd in September.
