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US commercial oil stockpiles hit a new record last week on the strength of continued growth in oil and gas production in the world's biggest oil-consuming country. Commercial stocks rose 3.5 million barrels to 397.7 million barrels for the week ended April 18, according to US Energy Information Administration data released Wednesday. It is highest level of commercial stocks since 1931, according to monthly data kept by the agency. "It's a real renaissance for the US oil production industry," said John Kilduff, founding partner at Again Capital.