U.S. crude output surges to highest since 1986 on shale boom

U.S. crude production climbed to the highest level in more than 28 years last week as the shale boom moved the country closer to energy independence.

Output rose 248,000 barrels a day to 8.838 million, the most since March 1986, according to Energy Information Administration data. The combination of horizontal drilling and hydraulic fracturing, or fracking, has unlocked supplies from shale formations in the central U.S., including the Bakken in North Dakota and the Eagle Ford in Texas.

Production gains helped bolster U.S. inventories by 3.67 million barrels to 362.3 million barrels in the week ended Sept. 12, according to the EIA report. It was the biggest one-week increase since April, according to the agency.

West Texas Intermediate crude for November delivery slipped 77 cents, or 0.8 percent, to $94.11 a barrel at 10:51 a.m. on the New York Mercantile Exchange.