By Barani Krishnan
Investing.com - Oil prices reversed early gains on Wednesday as data showed U.S. crude production hit record highs last week, suggesting that drillers in the world’s largest producer were pumping at optimum levels amid the global demand destruction to energy caused by the novel coronavirus.
Crude production for the week ended Feb. 28 hit a record high of 13.1 million barrels per day versus the previous peak of 13 million bpd, according to latest weekly data from the Energy Information Administration.
West Texas Intermediate, the benchmark for U.S. crude prices, was down 2 cents at $47.16 per barrel.by 11:37 AM ET (16:37 GMT). It earlier hit a session high of $48.41 on better-than-expected crude and fuel inventory numbers reported for last week by the EIA.
Brent, the London-traded global benchmark for crude, was down 21 cents at $51.65.