U.S. Oil Production Hits 6-Year High

SeekingAlpha The Department of Energy reported that in the week ending August 27th, 2010, U.S. crude oil increased by 3.4 million barrels, gasoline inventories decreased by 0.2 million barrels, distillate inventories decreased by 0.7 million barrels, and total petroleum inventories increased by 4.0 million barrels.

Total petroleum inventories moved further into multi-decade high territory. The surplus now stands at 105.395 million, or 10.2% above the 5-year average, up from 9.2% in the prior week.

Crude oil inventories increased counter-seasonally. The overall surplus to the 5-year average increased to 37.209 million barrels, or 11.5%, up from 9.4% a week ago.

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