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Oil Stabilizes After Record US Output Fueled Wednesday Drop

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03/08/2018 | 05:44am CEST

By Biman Mukherji

--Oil futures maintained slight gains in midday Asian trading Thursday following a 2% drop Wednesday on record U.S. oil production.

--April light, sweet crude on the New York Mercantile Exchange was recently up 0.2% at $61.28 a barrel in the Globex trading session. May Brent rose 0.2% to $64.47.

--U.S. oil production climbed to an average of 10.4 million barrels per day last week. Friday's weekly rig data from Baker Hughes will should provide cues for future output, which is seen topping Russia over the next several years to make America the world's biggest oil source.

Write to Biman Mukherji at [email protected]

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