U.S. Output Hits All-Time High

Government data indicates American output hit an all-time high last week, signaling the resilience of North American drilling as oil prices begin another recovery. The U.S. produced 9.62 million barrels of oil per day through November 3rd, the Energy Information Administration (EIA) said today, overtaking the previous high that occurred back in June 2015. The agency’s Petroleum Status Report from last week said exports hit an all-time high at two million bpd as well. The combined effect of the reports sent West Texas Intermediate…