That would have been a 14 percent increase, taking US output to a level not seen since the 1970s.
At the US West Texas Intermediate (WTI), crude futures settled $1.27 higher at $47.23 per barrel, up 2.76 per cent. The Brent contract for October, which expired on Thursday, closed up $1.52 at $52.38.
Gasoline prices in the United States yesterday hit US$2 per gallon for the first time since 2015 as flooding from Tropical Storm Harvey knocked out nearly a quarter of USA refineries, while crude prices remained weak as demand dropped following the outages.
U.S. Gulf Coast refineries and fuel distribution terminals started to reopen on Saturday, a week after Tropical Storm Harvey knocked out almost 25 percent of the nation's refining capacity and sent gasoline prices spiking.
New pipelines and rail capacity helped Canadian oil producers quadruple their exports to the Gulf Coast over the past four years, with the total reaching 412,000 barrels a day in May, Energy Department data show. The Northeast Gasoline Supply Reserve holds about 1 million barrels, stored in New York Harbor, Boston and Maine.
Harvey's second landfall, hitting southwest Louisiana near the Texas border, expanded the growing list of damaged oil refineries, shutting down two key plants, including America's largest.
To help alleviate the shortage of crude, Washington has made a decision to open its Strategic Petroleum Reserve, sending a million barrels of crude to the Phillips 66 refinery on Lake Charles in Louisiana to keep it operating. It was still on track to close the month down just under 6 percent, the steepest monthly loss since March. That is only about 3 percent of national production, but more important may be permanent damage to the shale wells.
Tottenham close to completing loan deal for Barcelona star Andre Gomes
The midfielder was pivotal to the success of the Portugal side that beat France to the European Championship title previous year . Pochettino is an admirer of the Portugal worldwide and the Telegraph claim Spurs are closing in on a loan move for Gomes.
Mother, toddler reported missing have been found and are safe
Police in Colorado have issued an Amber Alert after a mother and her young son were taken by force from a home in Commerce City. If you have any information, you're urged to call Adams County Sheriff's deputies at 720-322-1313.
First Windows Mixed Reality headsets to be released this October
That is, if you do not count the $100 extra for controllers, which make it more expensive than the former. Access to the Windows Store is also an important part of running the latest versions of Windows 10 .
"The market has turned in reverse pretty sharply", said Gene McGillian, anager of market research at Tradition Energy. "You do have some signs of rebalancing, regardless of Harvey".
USA crude and product stocks, typically watched closely by oil investors because they reflect market balancing, were largely ignored this week.
That is down 14.5 percent from record levels in March a year ago.
The company said it expected to resume service on its Houston crude oil distribution system over the weekend.
Crude tankers from as far away as China and Korea continue to queue in the Gulf, waiting to fill with USA crude. "But by the end of September, I expect the situation to be nearly back to normal", said Frank Schallenberger, head of commodity research at LBBW.
"The effect of Hurricane Harvey has been devastating on the U.S.", said Sukrit Vijayakar, an analyst with energy consultancy Trifecta. On Friday, as two refineries began to restart and some ports reopened, gasoline futures fell 2 percent and the crack spread RBc1-CLc1 fell more than 5 percent.
The move to a backwardated curve in mid-August was generally viewed by market participants as proof that crude oil was re-balancing, and that the efforts of the Organization of the Petroleum Exporting Countries (OPEC) and its allies to restrict their output were finally paying off.
Oil prices actually fell to a six-week low earlier this week, to $45.96, due in part to reduced demand, before rebounding.