Oil Prices Pressured by Growing U.S. Crude Supplies

Resurgence of U.S. shale undermines confidence in OPEC’s ability to support prices

Crude Oil: $48.49 per barrel, Natural gas: $3.008/MMBtu, Gold:$ 1200.70 per troy oz.


News:

Crude futures extended losses on Monday as increasing concerns over growing U.S. supply continued to undermine confidence in OPEC’s plan to support prices and restore market equilibrium by cutting production.

The May contract for global crude benchmark Brent fell 0.5% to $51.10 a barrel while its U.S. counterpart West Texas Intermediate was down 0.7% to $48.15 a barrel for April deliveries.

The resurgence of the U.S. shale oil. Read more.

Resource: WSJ


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