Oil Rally Fizzles as Focus Shifts to Output OPEC Can't Control
- Group estimates production from rival suppliers to rise 64%
- Consensus to extend OPEC-led production cuts past June: Iraq
The Phillips 66 Wood River Refinery stands in Roxana, Illinois, on April 24, 2017.
Photographer: Luke Sharrett/BloombergThis article is for subscribers only.
Oil’s rebound ran out of steam as investors focus on all the production that OPEC can do nothing about.
Futures were little changed in New York as they capped the first weekly gain in a month. The Organization of Petroleum Exporting Countries boosted estimates for growth in rival supplies by 64 percent, as producers in the U.S. shale patch, Brazil and elsewhere keep boosting production.