US Oil Output Slips as Higher Costs Hit Drillers

Weekly US crude oil production declined for the first time in three months, signaling that soaring costs across the oil fields may be preventing drillers from expanding output.

The decline hits as the oil-consuming nations are scrambling for additional supplies to reduce reliance on Russia and bring down the skyrocketing crude prices. President Joe Biden has urged the industry to raise supply to help battle historically high fuel inflation.