Oil Tumbles as OPEC Output Hike, Shale Revival Taint Bull Market
- The group’s production climbed as Libya, Nigeria recovered
- Strengthening U.S. dollar further weighed on commodity prices
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Oil’s bull market rally stumbled into some bad news.
Futures fell the most in more than three weeks after Saudi Arabia and at least three other OPEC nations pumped more crude last month. Meanwhile, escalating prices spurred additional U.S. exploration, a bearish signal from a production point of view. The dollar also strengthened, diminishing the appeal of commodities.