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The U.S. Energy Information Administration said in a monthly report on Wednesday that U.S. crude oil production rose by 416,000 bpd to a record 11.346 mil bpd in August as production in Texas and North Dakota climbed to new highs.

EIA Commercial inventories of crude oil in the U.S. rose by 3.2 mil bbls in the week to October 26th, compared with expectations for a increase of 4.1 mil bbls.  Crude stocks at the Cushing, Oklahoma, delivery hub increased by 1.9 mil bbls,EIA said.

U.S. President Donald Trump in a presidential memorandum addressing the secretaries of State, Treasury and Energy made the determination to continue the oil embargo on Iran. "I determine … that there is a sufficient supply of petroleum and petroleum products from countries other than Iran to permit a significant reduction in the volume of petroleum and petroleum products purchased from Iran by or through foreign financial institutions," Trump said in the memorandum on Wednesday. Trump added that he will continue to monitor the situation with respect to the oil embargo on Iran closely.

Libya’s state oil firm NOC said on Wednesday that it has reopened three small eastern oilfields that were closed since June due to fighting. A spokesman from the company said the oilfields at al-Bayda, Tibesti and Dor Marada will produce around 10,000 bpd of crude.

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