Oil futures rebounded from early losses on Thursday but the recovery was muted as the market's focus switched back to signs of growing oil stocks. Brent crude had gained ground by midday, on track for its strongest March since at least 2007. U.S. crude earlier in the day fell to a more than two-week low, but it was set for its biggest March rally in 14 years. Brent crude futures LCOc1 were trading 45 cents higher at $39.71 a barrel at 1130 GMT. The front-month contract for U.S. crude futures CLc1 was flat at $38.32 a barrel, after dropping to $37.57, the lowest since March 16.
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