Oil Posts Weekly Decline as U.S. Drillers Resume Expansion
- Report says OPEC is weighing whether to cap Libya, Nigeria
- U.S. crude oil output expanded by most since January: EIA data
Emissions rise from an oil refinery at sunset in Texas City, Texas, on Feb. 16, 2017.
Photographer: Luke Sharrett/BloombergThis article is for subscribers only.
Oil prices declined for the week, as expanded U.S. drilling activity and added production offset a larger-than-expected drop in stockpiles.
Futures fell 3.9 percent, even after U.S. data on Thursday showed the nation’s crude stockpiles dropped by 6.3 million barrels, three times as much as expected. U.S. drillers went back to adding rigs this week, after breaking a record streak of expansion. Investors remain doubtful that OPEC-led production cuts will clear a global glut as Russia and Saudi Arabia appear to be less committed than earlier in the year, while U.S. production has been rising for most of this year.