U.S. crude output rose to the highest level in more than a year, boosted by gains in Texas and the offshore Gulf of Mexico, the Energy Information Administration said in monthly data released on Monday. Production in May rose 59,000 barrels per day to 9.17 million bpd, compared with 9.11 million barrels per day in April. The figures reflected a 27,000-bpd upward revision to April’s production data. Output in Texas rose by 78,000 bpd while North Dakota production fell 12,000 bpd from the previous month. U.S. crude output and demand have been closely watched by the oil market as some analysts expect that growing output from U.S. shale formations could offset OPEC’s production cuts aimed at reducing a global supply glut. The agency said U.S. demand for distillate fuel in May rose 6 percent from a year earlier, or 224,000 bpd to 3.969 million bpd according to the […]