WASHINGTON - The U.S. Energy Information Administration said crude production fell by 100,000 barrels per day to 11.1 million bpd last week, the 11th straight week of declines. This represents a remarkable 2 million bpd decline in less than three months, but it wasn't enough to offset the wave of imports that poured into the U.S. at a rate of 6.9 million bpd and pushed overall inventories up. For a market that spent more than two years working off excess storage, the high level of stocks promises to make any sustained rallies unlikely.

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