(The Star Online)
West Texas Intermediate (WTI) slid below $45 a barrel for 1st time since OPEC agreed to cut output in November as US shale confounds producer group’s attempts to prop up prices.
In less than 10 minutes on Friday, futures slumped more than $1 as volume surged 14 times; prices have collapsed 10.5% this week, sliding to lowest since Nov 15 – two weeks before OPEC signed six-month deal to curb production aimed at easing a global glut.
Decline being driven by expanding US output before OPEC is set to decide whether to prolong its cuts.
While OPEC’s curbs drove oil in early Jan. to highest since July 2015, that increase encouraged US drillers to pump more. Click here to read more.