Crude oil futures were lower in mid-morning trade in Asia Monday, retracing gains from last Friday after US crude production was reported to have hit a fresh record high of 12.4 million b/d. Receive daily email alerts, subscriber notes & personalize your experience. Register Now At 10:50 am Singapore time (0250 GMT), ICE January Brent crude futures were down 29 cents/b (0.47%) from Friday’s settle at $61.39/b, while the NYMEX December light sweet crude contract was 24 cents/b (0.43%) lower at $55.96/b. “US crude oil production continued to soar despite the falling oil rig count and touched a fresh record high of 12.4 million b/d thanks to a 30% increase in Gulf of Mexico output,” UOB analysts said in a report Monday. Production in US Gulf of Mexico waters recorded the largest month-to-month increase in August as output recovered following Hurricane Barry, the US Energy Information Administration said late […]