Oil Closes Near $46 as Shale Revival Cancels Out OPEC Efforts
- U.S. crude output rises in longest run of gains since 2012
- Oil market volatility climbs to highest level since December
Oil Extends Slump Below $45 a Barrel
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Oil closed near $46 a barrel in New York, back to levels last seen before the OPEC deal, as the shale revival appears to be making the group’s cuts ineffective.
After dipping below $44 Friday, futures pared this week’s decline to 6.3 percent. But, prices remain near their lowest since the Organization of Petroleum Exporting Countries signed a six-month deal to curb production in November. Meanwhile, shale drillers are pressing ahead with their longest expansion since 2011. Market volatility and trading volumes surged.