U.S. Oil Production Rising

The U.S. EIA reported that US crude oil production rose by 24,000 bpd to 9.610 MMbpd for the week ending June 5, 2015. This is the third week of rising oil production.  Current U.S. oil production is 13% higher than in June 2014. OPEC counties including Saudi Arabia, Iran and Iraq continue to produce at record volumes. " Oversupply factors will continue to put pressure on crude oil prices over the long term."