U.S. oil production rose to an 11-year high.
Oil production in the United States climbed above 9 million barrels a day in May, a 1% gain from a year earlier, the American Petroleum Institute reported. Meanwhile, oil imports by the United States fell 2.9% from a year earlier, the smallest decline registered so far this year in the industry group’s monthly statistical reports. The report also said that domestic demand for oil and petroleum products fell 2.6% in May to 15.160 million barrels a day from 15.568 million a year ago.
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