“The market was overbought so these people are definitely booking profits at this point,” Yawger said. Crude oil prices have slipped by 1% following an announcement by the US Energy Information Agency that it expected the largest more than two years 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. While Russia and Iraq have made cuts, some countries such as Houston "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 Lipow Oil Associates in US .
Crude oil prices have slipped by 1% following an announcement by the US Energy Information Agency that it expected the largest more than two years 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. While Russia and Iraq have made cuts, some countries such as Houston "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 Lipow Oil Associates in US .