Oil's OPEC-Driven Gain Wiped Out as Shale Boom Offsets Cuts
- American output has longest run of gains in more than 4 years
- Commodities tumble amid concern Chinese consumption to weaken
Why Oil Prices Have Tumbled to Lowest Since OPEC Deal
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The oil rally following OPEC’s deal has disappeared.
Futures on both sides of the Atlantic dropped to their lowest since late November on growing signs that the group’s production cuts are failing to clear a surplus of crude. Oil stocks felt the pinch, with the S&P Oil & Gas Exploration and Production Index slumping as much as 4.9 percent Thursday to the lowest since August.
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Oil's OPEC-Driven Gain Wiped Out as Shale Boom Offsets Cuts