Singapore — Oil prices fell on Friday after the US reported its crude output hit a record 12-million barrels a day, undermining efforts by Middle East-dominated producer club Opec to withhold supply and tighten global markets. International Brent crude futures were at $66.87 a barrel at 3.26am GMT, down 20c, or 0.3%, from their last close. US West Texas Intermediate (WTI) crude oil futures were at $56.84 a barrel, down 12c, or 0.2%, from their last settlement. US crude oil production reached 12-million barrels a day for the first time last week, the Energy Information Administration (EIA) said on Thursday in a weekly report. That means US crude output has soared by almost 2.5-million barrels a day since the start of 2018, and by a whopping 5-million barrels a day since 2013. America is the only country to ever reach 12-million barrels a day of production. As output surges, US oil stocks are also rising. US commercial crude oil inventories rose by 3.7-million barrels to 454.5-million...
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