Crude oil prices have slipped by 1 % following an announcement by the US Energy Information Administration that it expected the largest monthly rise of US shale production in more than two years this May. Crude oil prices slipped 1 percent on Monday in subdued trading after a long Easter holiday weekend, on news of rising U.S. shale production and profit-taking following three straight weeks of gains. The increase heightened fears that efforts by global oil producers to curb overproduction will be ineffective . While Saudi Arabia and Russia have made cuts , some countries such as Iraq " produce more than their share of the quota , so that gives the market pause at how effective they 're going to be at taking oil out of the market " , warned Andrew Lipow of Miller & Miller in Washington .
Crude oil prices have slipped by 1 % following an announcement by the US Energy Information Administration 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 curb overproduction will be ineffective . While Saudi Arabia and Russia have made cuts , some countries such as Iraq " produce more than their share of the quota , so that gives the market pause at how effective they 're going to be at taking oil out of the market " , warned Andrew Lipow of Miller & Miller in Washington .