Economics
Crude Falls to Lowest in a Week as Shale Revival Fears Haunt
- International Energy Agency sees ‘explosive’ U.S. oil growth
- Hedge funds cut net-bullish bets on Brent from a record
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Oil’s recent three-year highs are looking increasingly elusive as the week ends, with mounting fears that current prices will spark too much production, all over again.
Futures in New York slid 0.9 percent on Friday to the lowest level in more than a week and posted the first weekly loss since mid-December. The International Energy Agency on Friday said it sees “explosive” growth in U.S. oil output in 2018. A day earlier, the Energy Information Administration showed the biggest gain in U.S. crude production since October.