US Oil Output Rises To Highest Level Since 1989

The EIA says US oil production hit 7.61 million barrels a day last week.

That’s the most since October 1989.

In case you didn’t know, there’s a shale boom going on.

But moving weekly average production is also influenced by prices, and since Aug. 21 WTI futures are up 6.53%. They’re up 1.23% today to more than $US110.

Here’s the chart:

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at