Oil slips despite talk of supply cuts being extended into 2018
Oil prices edged down in a volatile trade on Monday despite Saudi Arabia’s oil minister saying that he expected OPEC and its partners to consider extending their deal to cut supply possibly into next year to end a global glut. Growing U.S. drilling and production have played a role in undermining the efforts of the Organization of the Petroleum Exporting Countries and non-OPEC producers, such as Russia, to reduce global oil inventories with an output cut of 1.8 million barrels per day (bpd) during the first half the year. News that the curbs may be extended into 2018 fuelled a short-lived rally in the market, but oil gave up the gains quickly amid pessimism on how long it will take to drain brimming oil inventories.
Source:: http://finance.yahoo.com/news/oil-prices-rise-expectation-output-025044900.html
