Crude oil futures fell Friday morning as OPEC fretted that U.S. oil output would remain robust in 2018.
There are signs of the U.S. shale boom slowing down, but OPEC’s forecast for U.S. output growth this year was revised up by 110,000 barrels per day to 820,000 bpd.
The cartel, which pumped up prices with its supply quota plan, now worries that higher crude prices will prompt a surge in U.S. offshore drilling.
Earlier in the week, our government said U.S. production rose to 9.75 million barrels a day from 9.5 billion the week prior.
The U.S. rig count data from Baker Hughes is out this afternoon.
WTI light sweet crude oil was down 54 cents at $63.41 a barrel, having touched a 4-year peak at $65 earlier in the week.
The material has been provided by InstaForex Company – www.instaforex.com
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