Oil Posts Biggest Weekly Loss in a Month as Rebalancing Drags
- OPEC deal to cut output won’t stabilize market: Rosneft CEO
- U.S. oil rig count and production at highest level since 2015
Oil Set for Biggest Weekly Loss in a Month
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Oil posted its biggest weekly drop in four weeks amid questions over the effectiveness of OPEC’s deal to help rebalance the market as U.S. production continues to grow.
Futures slid 1.5 percent in New York. Russia’s most powerful oil boss said output curbs by OPEC and its partners probably won’t succeed over the long term as U.S. shale fills the supply shortfall. While U.S. government data on Thursday showed crude inventories declined last week, rising exports and production, and a jump in the oil rig count, suggest the glut will linger.