Oil Falls Amid Doubts OPEC Curbs Will Counter Shale Production
- Drop comes even as U.S. crude stockpiles are forecast to fall
- Saudi Oil Minister defends production cuts as working
Analyst Epstein Says Shale an Oil Force Over OPEC
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Oil fell amid doubts that prolonged cuts by OPEC and its allies will succeed in clearing a surplus while U.S. output remains so resilient.
Futures pared losses after falling as much as 3.9 percent. While Saudi Arabia’s Energy Minister Khalid Al-Falih said the cuts are working and predicted global inventories will fall to the five-year average in early 2018, American drillers continue to add rigs to shale fields. American supplies fell 8.67 million barrels last week, the American Petroleum Institute was said to report.