Growing Shale Output Drags Oil Prices Lower

18 Aug 2017   Shale Oil

Oil prices flipped from losses to slight gains Thursday morning as the market rebounded from three week lows. U.S. crude futures were recently up 8 cents, or 0.17%, at $46.86 a barrel on the New York Mercantile Exchange. Brent, the global benchmark, rose 18 cents, or 0.36%, to $50.45 a barrel on ICE Futures Europe. “It just looks like a bounce off the recent weakness,” said Donald Morton, senior vice president at Herbert J. Sims & Co., who oversees an energy trading desk. Oil prices have been on a three day downward slide. Data released Wednesday showing that U.S. crude output to 9.502 million barrels a day last week weighed on the market. The prospect of rising oil output in the U.S. “took the wind out of the sails” of more bullish data also released Wednesday, which showed a further drawdown in U.S. oil stocks, said Gene McGillian, research […]

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