U.S. monthly crude oil output declined year-over-year for the first time since September 2011 last December, according to the Energy Information Administration (EIA). December also marked the lowest monthly oil production volumes since November 2014.
EIA said tight oil production in states such as Texas, New Mexico and North Dakota has contributed most to the decline. Tight oil spurred much of the growth in output during the past five years when prices were at higher levels.
Meanwhile, U.S. crude hit a three-month high of $38.51 earlier today before settling at $38.29.
MORE DRILLING & EXPLORATION: API's Gerard outlines the state of American energy
