Economics
Oil Bears Are Back as Prices Fall and Driller Shares Take a Hit
- U.S. shale production has investors, traders pulling back
- Faith in OPEC’s ability to drain glut with cuts is receding
Oil Falls to Seven-Month Low
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Shale producers risk drowning in their own surplus -- again.
On Tuesday, oil slid into its first bear market in 10 months, falling 21 percent from its high for the year. The swoon dragged down driller shares amid concern that unceasing production from U.S. shale fields is overwhelming OPEC efforts to ease a global supply glut.