Oil loses ground as US shale growth undermines Opec plus cuts


Oil loses ground as US shale growth undermines Opec plus cuts

Oil settled below $52 a barrel in New York, more than a $1 lower than where it ended a week ago after Opec and its allies announced output cuts, as traders weighed incremental US shale growth against softer demand for 2019.

Saudi Arabia’s plan to slash exports to the US next month is shoring up expectations that the Organization of Petroleum Exporting Countries and its partners will deliver on last week’s promise to curb production by 1.2 million barrels a day.

Yet the oilmarket appears to have largely ignored cuts agreed to just a week ago, concerned by the relentless growth from US shale, which veteran crude trader Andy Hall says is making it hard to predict the market’s direction.  Read More

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