US oil production at highest level since last April

By Ovunc Kutlu

NEW YORK (AA) – U.S. Crude oil production has reached its highest level since last April, according to government data released Thursday.

Domestic crude production rose 24,000 barrels per day (bpd) to 9 million bpd for the week ending Feb. 17, Energy Information Administration (EIA) data showed.

It is the first time crude output has reached that mark since the week ending April 1.

The 46-week recovery in crude production comes after OPEC and Russia began limiting their output levels at the beginning of the year.

That helped to push global oil prices higher and gave greater incentive to American producers to take more oil rigs online and increase production.

The number of rigs in the U.S. has risen for five weeks in a row to reach 597 last week -- a level last seen in October 2015, according to oilfield services firm Baker Hughes.

The EIA also said Thursday that weekly crude oil inventories rose by 600,000 bpd, lower than market expectations of 3.5 million bpd.

The weak increase pushed crude prices higher. American benchmark West Texas Intermediate was trading at $54.79 and international benchmark Brent crude increased to $57.13 before noon U.S. eastern time (1700 GMT).