U.S. crude-oil imports dropped below 7 million barrels a day for the second time in 14 years as domestic output grew, the Energy Information Administration said. Shipments dropped 1.07 million barrels a day to 6.89 million in the week ended Jan. 10, the EIA, the Energy Department’s statistical arm, said today in a weekly report. They reached 6.86 million on Dec. 6, the lowest level since Jan. 28, 2000. Imports averaged 9.35 million in the past 10 years. Domestic production increased to the most in more than 25 years as fracking and horizontal drilling boosted output from shale formations, including Bakken in North Dakota and Eagle Ford in Texas . West Texas Intermediate crude, the U.S. benchmark, traded $14 cheaper than the European benchmark Brent on Jan. 10. The gap has been above $10 since Nov. 7. “We have increasing supplies of domestic crude,” said Tom Finlon, Jupiter, Florida-based […]