US Crude Oil Production Hits New High, Demand Remains Strong

The Energy Information Administration's Petroleum Supply Monthly report revealed that US crude oil production reached 13.79 million barrels per day in June, a slight increase from May's 13.76 million barrels per day.

Crude oil demand also rose to 20.74 million barrels per day in June from 20.07 million barrels per day in May, although this is still shy of the record high of 21.67 million barrels per day set in August 2005.

Natural gas production climbed to a new record of 135.5 billion cubic feet per day in June, surpassing the previous monthly high of 134.2 billion cubic feet per day in May.