Economics
Oil Slides Most in Two Weeks as OPEC Production Is Seen Rising
- OPEC output set to exceed 33 million b/d: Petro-Logistics
- OPEC, Russia seen standing pat on output deal as glut persists
BofA's Blanch Says OPEC Is Boxed Up With Few Options
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Oil dropped the most in two weeks as a report that OPEC’s July supply will be the highest this year fueled worries over a global glut.
Futures tumbled 2.5 percent in New York on Friday, erasing gains from earlier this week. Supply from OPEC is set to exceed 33 million barrels a day this month as members including Saudi Arabia and Nigeria increase shipments, according to tanker-tracker Petro-Logistics SA. This calls into question the effectiveness of the Organization of Petroleum Exporting Countries’ deal to reduce output and help rebalance the market as producers gather in St. Petersburg, Russia.