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Record U.S. Production Vs Hedge Funds’ Bets: Why A $70 Oil Price Appears Odd

February 2, 2018

Via: Forbes

The relentless uptick in U.S. oil production, in light of firmer oil prices and industry efficiency gains, made it all but inevitable that the country would cap the 10 million barrels per day (bpd) mark at some point in the first quarter of 2018.

However, as it transpires, the market did not even have to wait that long, for the said level was breached in November 2017, according to the latest U.S. Energy Information Administration data.

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