Crude oil extended its decline with the opening of the US market on Friday to continue its losses for the second day in a row, again near a six-week low, about to make its second weekly loss in a row, as production in the US rose to a record high.

By 12:50 GMT, US crude fell to $ 66.45 a barrel from the opening level of $ 67.04 and recorded a high of $ 67.32 and a low of $ 66.07.

US crude oil ended yesterday’s trading down 1.7%, the first loss in three days, and crude rose over two days of the six-week low of $ 65.79 per barrel.

crude oil analysis

US crude lost 2.6% in May, its first monthly loss in the last three months, as OPEC and Russia increased production prospects to counter a possible supply shortfall from Iran and Venezuela and to counter accelerating production in the United States.

Over the course of the week, US crude fell 1.5% to 1.5%, the second weekly loss in a row.

The US Energy Agency announced last week that oil production in the country last week increased by 50 thousand barrels per day to a total of 10.77 million barrels per day, the highest level ever for oil production in the United States.

Commercial inventories fell by 3.6 million barrels for the week ending May 25, the second decline in the last three weeks, exceeding experts’ expectations of 0.4 million barrels.

The Baker Hughes Oil Services Company announced today the number of drilling and exploration platforms operating in the oilfields, amid expectations of platform height for the second week in a row. Total platforms are currently at 859 platforms, higher since March 2015.