Oil slips despite expected OPEC extension of output cuts

[Right_in_Virginia]

Oil slips despite expected OPEC extension of output cuts
Reuters, Oct 11, 2017, Christopher Johnson

LONDON (Reuters) - Oil prices slipped on Thursday as U.S. fuel inventories rose despite efforts by OPEC to cut production.

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The Organization of the Petroleum Exporting Countries and other producers including Russia agreed last year to reduce output by 1.8 million barrels per day (bpd) to prop up prices and the cuts, from January, have helped drain inventories.

The OPEC-led deal helped lift oil from the $30 to $40 per barrel range in late 2016/early 2017. But traders say supplies remain ample despite these cuts, thanks in large part to surging U.S. production.


More:  https://www.reuters.com/article/us-global-oil/oil-slips-despite-expected-opec-extension-of-output-cuts-idUSKBN1CH01T

[Right_in_Virginia]

But traders say supplies remain ample despite these cuts, thanks in large part to surging U.S. production.

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