Crude oil prices have slipped by 1% following an announcement by the US Energy Information Agency that it expected the largest monthly rise of US shale production in more than two years this May. Another source of instability is in North Korea. The increase heightened fears that efforts by global oil producers to reduce overproduction will be undermined. Oil futures fell as much as 2% on Friday after OPEC said its members would cut output at a meeting next week.
Crude oil prices have slipped by 1% following an announcement by the US Energy Information Agency that it expected the largest monthly rise of US shale production in more than two years this May. The increase heightened fears that efforts by global oil producers to reduce overproduction will be undermined. Oil futures fell as much as 2% on Friday after OPEC said its members would cut output at a meeting next week.