Oil Bull Rally Wavers as Shale Boom Imperils Global Supply Drop
- Market needs ‘steady, positive information’ to keep rallying
- Futures fell after rising on surprise decrease in supplies
Oil Traders Prep for End of 'Lower for Longer' Era
This article is for subscribers only.
Oil’s bull-market rally faltered as the shale boom still gives traders pause.
Futures fell 1.1 percent in New York after earlier reaching a five-month high. U.S. government data released Wednesday showed American drillers lifted output almost 9 percent during the past three weeks, the biggest three-week increase in half a decade. The exuberance of U.S. explorers may offset supply curbs by OPEC and allied producers such as Russia.