(Houston)

Oil prices have been rising strongly on the global market. However, those gains took a breather yesterday when eye-opening new info emerged on the oil market—the US is now producing more than 10 million barrels of crude oil per day. The mark was hit in November, and arrived much sooner than anyone expected. The US has only broken that threshold twice in the past, both times in 1970.

FINSUM: Okay so our big concern with the oil market right now is that these higher prices are not sustainable. The fundamental oversupply of oil has not been solved. The only thing holding up prices is the fact that OPEC members, for the moment, are happy to let the US benefit disproportionately from their output cuts. This output figure might change that.