U.S. crude oil production increases last week: EIA

U.S. crude oil production increased during the week ending June 19, the U.S. Energy Information Administration (EIA) said Wednesday.

According to the EIA, U.S. crude oil production averaged 11.0 million barrels per day (b/d) last week, up by 500,000 b/d from the previous week and down by 1.1 million b/d from this time last year.

Oil prices fell noticeably on Wednesday after data showed another weekly increase in U.S. stockpiles.

The West Texas Intermediate for August delivery shed 2.36 U.S. dollars to settle at 38.01 dollars a barrel on the New York Mercantile Exchange, while Brent crude for August delivery sank 2.32 dollars to close at 40.31 dollars a barrel on the London ICE Futures Exchange.