US crude production hit its lowest point in more than two years last week, while stockpiles rose to a record high, showing the oil sector remains in the grip of a historic glut despite the easing of virus lockdowns and federal efforts to spark an economic recovery.
Production dropped 600,000 barrels a day to 10.5m, the lowest since March 2018, according to the federal Energy Information Administration. Commercial crude stocks were at a record, rising to more than 539m barrels.
US production hit a record high of more than 13m b/d in March, just before oil prices plunged.
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