Oil prices have been going down for more than a year and now, these are trading at less than half of what their peak levels were in 2014, thanks to huge oversupply by oil producers in North America an the Middle East.
“$1.5-trillion of uncommitted spend on new conventional projects and North American unconventional oil is uneconomic at $50 a barrel“, Woodmac added. In July, however, Federal Reserve Chair Janet Yellen said the Fed would raise rates this year if economic conditions...
Oil traded steady to higher on Tuesday, buoyed by gains on Wall Street that helped prices rebound after a tumble in the previous session, ahead of an industry report that’s expected to show if US crude stockpiles have fallen after weeks of gains.
The Saudi-led oil cartel said daily crude production outside of OPEC is likely to grow by 160,000 barrels next year, a figure 110,000 barrels lower than its estimate last month, largely because US oil production is slipping faster than expected.