Oil prices rose on Thursday after record Chinese crude imports eased concerns that a slowdown in the world’s No.2 economy could stoke an emerging fuel glut.
However, oil markets were held back somewhat after the United States became the world’s top crude producer as its output hit record levels.
Preventing crude from rising further, however, was record U.S. crude production C-OUT-T-EIA , which hit a whopping 11.6 million bpd in the week ending Nov. 2, according to Energy Information Administration (EIA) data released on Wednesday.
That’s a threefold increase from the U.S. low reached a decade ago, and a 22.2 percent rise just this year. It makes the United States the world’s biggest producer of crude.
more detail at source: https://www.nasdaq.com/article/oil-rises-as-china-reports-record-crude-imports-but-soaring-us-output-keeps-market-in-check-20181108-00116