HOUSTON, Oct 31 (Reuters) – U.S. oil production rose to nearly 12 million barrels a day in August, the highest level since the start of the COVID-19 pandemic, although shale companies have said they will not accelerate production in the coming months expect production.

US crude prices have hovered around $85 a barrel after rising into triple digits this year and driving up fuel costs for consumers. President Joe Biden has urged oil companies to increase production to lower fuel prices.

Total U.S. production peaked…

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