Oil fell to around $63 a barrel on Friday as concern over Greece and a forecast that US shale oil output would keep growing this year countered signs of a pickup in demand.
Greece has been less of a driver for oil than other marke
Oil futures prices dipped slightly in thin trade on Friday as forecast higher production by US shale oil producers this year added to lingering worries over demand.
US July crude shed four cents to $60.41 a barrel as of 0302 GMT a
Oil prices are likely to stay relatively weak for the rest of this year due ample supply from traditional Middle East producers and a resurgence of US shale production, according to a Reuters survey.
Reuters monthly survey of 28 a
US shale producers are the new ‘swing producers’ in the oil market, as many analysts have noted, but the status of swing producer is hugely misunderstood.
It is often portrayed as if it confers power and control. In fa
The US shale oil industry may have forever abandoned its heavy-spending ways in the face of sliding crude prices, Schlumberger, the world's No 1 oilfield services provider, said
Spending cuts already announced by producers - t
US shale drilling may be slowing, but not fast enough for Opec to change policy at its June meeting or to prevent oil prices maybe falling more, in the view of the group's Gulf members.
Actual oil output from the US could prov
Opec kingpin Saudi Arabia is feeling vindicated after a strategy of allowing oil to flood the market has begun to achieve what it was aiming for.
As a global oil glut pushed prices down 60 per cent between June 2014 and January 20
Shale oil producers are throttling back so quickly on drilling that US crude output could fall sooner than expected, within months, executives say as they slash costs to cope with tumbling crude prices and compete with Arabian Gulf rivals.
Oil prices remained near five-and-a-half year lows in early Asian trading on Wednesday after prices saw yet more heavy falls in the previous session, and analysts said a supply glut meant that more falls were likely before a rebound.