Oil producers nervously watch industry trends

The oil industry in Texas and across the U.S. nervously awaited a weekly report from the U.S. Energy Information Administration on Wednesday, and for the reaction of crude oil traders who bid on New York Mercantile Exchange oil futures. Crude oil production in the U.S. has been increasing since July from 8.458 million barrels per day to 9.109 million b/d on March 10. Crude oil stocks had increased for nine consecutive weeks, resulting in prices declining to $47 from a high of $54 just two weeks earlier.

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Source: Times Record News

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