Oil prices continue sliding as production limit optimism fades

Oil prices continue sliding as production limit optimism fades
  1. Oil prices continue sliding as production limit optimism fades
    Crude prices dipped over a percent on Monday, as investors lose confidence in oil following strong drilling data from the United States and pessimism about OPEC-led output cuts. Read Full Article at…

Read more Russia’s Rosneft says oil production cuts may not be extended

"Speculative investors have thrown in the towel it seems. We've got record selling in the week ending March 14, and the bleeding has not stopped yet," said Carsten Fritsch, senior commodities analyst at Commerzbank in Frankfurt, as quoted by Reuters.

"The continued increase in US oil rigs adds to the bearish sentiment," he added.

Brent crude was down 58 cents at $51.18 per barrel, while US benchmark WTI slid 74 cents to $48.

In the US, drillers added 14 oil rigs in the week to March 17, according to Baker Hughes. At 631 rigs, this is the biggest count since September 2015. This indicates the US shale oil industry, hit by low energy prices, is returning to the market. The recovery is likely to see the biggest increase in shale production in six months in April.

The data from the US thwarts the Organization of the Petroleum Exporting Countries (OPEC) deal with Russia and other producers to cut production to prop up prices.

Read more © Joel Angel Juarez / Global Look Press via ZUMA Press IEA: Huge Oil Price Spike Inevitable

The cartel spent two years prioritizing export volume over prices to corner the market and hit the booming American oil industry, but was forced to cut production as lower earnings led to a record budget deficit.

“It was obvious that with a reversal in prices, the US shale production was going to pick up. But the m…

© Sergei Karpukhin / Reuters
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