U.S. production has surpassed 10m bbl/day and shows no signs of slowing as oil producers put another 26 oil rigs to work in the week ended 9 February, according to data released by Baker Hughes on Friday.
On Thursday, it closed down 64 cents, or 1 percent, to settle at $61.15, its lowest close since January 2.
The transformation is reflected in figures released in recent days that shows the US now produces more oil than and means the Americans are likely to take over the No.1 producer spot from Russian Federation by the end of the year.
The price declines were posted after the number of oil rigs in the US jumped by 26, its highest weekly gain in a year, according to data released by oilfield services company Baker Hughes.
The additions put the USA oil rig count at 791, which is the highest it has been since April 2015.
The growth has surprised even the official U.S. Energy Information Administration, which this week raised its 2018 crude output forecast to 10.59 million bpd, up by 300,000 bpd from their last forecast just a week before.
The EIA estimated that USA crude oil production averaged 10.2 million barrels per day in January, up 100,000 barrels per day from the December level, and total US crude oil production averaged 9.3 million barrels per day in 2017.
The U.S.' crude production is projected to reach 11.2 mbpd next year to surpass Russian Federation as the world's biggest crude producer.
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