U.S. oil production on fast rise in reaction to OPEC production cuts, says IEA
No one should be surprised that U.S. oil shale producers are increasing production in reaction to higher oil prices after OPEC’s production cuts. The speed and the dimension of the increase, however, is more than previously hoped.
Oil up on U.S. inventories and then down on export numbers
Oil started the day rallying on a report by the U.S. Energy Information Administration for a draw down of 6 million barrels in U.S.crude inventories for the week ended September 29. And then oil fell on reports of a surge in U.S. oil experts large enough to raise fears that U.S. light sweet crude would flood global markets just as oil demand moves into seasonal weakness.
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