The shale oil boom has transformed the U.S. and global energy sector to such an extent that it has upended traditional supply dynamics and made forecasts far more polarized.
Oil prices rose on Thursday, on track for a fourth consecutive daily gain, after recovering from losses triggered by record-high U.S. crude inventories.
Oil fell to its lowest in three months on Monday, as the prospect of another year of oversupply and weak prices overshadowed chances that OPEC will reach a deal to cut output.
Oil prices eased on Tuesday, paring earlier gains as voting in the U.S. presidential election got underway, in line with a retreat in U.S. stock index futures and a pickup in the dollar.
Oil prices eased on Tuesday, paring earlier gains as voting in the U.S. presidential election got underway, in line with a retreat in U.S. stock index futures and a pickup in the dollar.
Oil fell for a third day on Wednesday, nearing $50 a barrel for the first time in three weeks, as investors grew increasingly doubtful that OPEC members will agree to cut output and as U.S. inventories staged a surprisingly large increase.
Oil prices rose by around 1% on Wednesday, boosted by evidence of declining production in China and falling U.S. inventories, while an upbeat OPEC statement on its planned output cut also supported the market.
Oil prices jumped as much as 3% on Monday, after Russia and Saudi Arabia both said a deal between the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC members like Russia in curbing crude output was possible.
