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The Wall Street Journal declare : Oil Prices Pressured by Growing U.S. Crude Supplies

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Oil prices edged lower on Monday as investors weighed growing U.S. supply against OPEC’s plan to restore market equilibrium by cutting production.
Light, sweet crude for April delivery settled down 9 cents, or 0.2%, at $48.40 a barrel on the New York Mercantile Exchange, closing out the sixth consecutive session of losses.
The resurgence of the U.S. shale-oil…
Brent, the global benchmark, was near flat at $51.36 a barrel.

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Kuwait supports extending OPEC’s output deal beyond June, Kuwait’s official news agency Kuna reported, citing Oil Minister Issam Almarzooq.
Rising U.S. output is the “ main threat” to the global output deal, according to Russia’s largest producer.
Cushing, Oklahoma supplies increased by 1.3 million barrels last week, according to a forecast compiled by Bloomberg.
U.S. drillers boosted the rig count by eight to 617 last week, according to data from Baker Hughes Inc. on Friday.
The nation’s crude output has climbed to 9.09 million barrels a day, according to data from the EIA.

Oil Below $49 as Rise in U.S. Drilling Threatens OPEC's Efforts*/

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Oil price dips as U.S. drills for more

And as a consequence there is a very strong likelihood that it will be the United States that leads to a rising oil surplus on oil markets.”
The oil major warning if the U.S. continues down this road – the OPEC deal will be short-lived.
U.S. drillers have added oil rigs for an eighth consecutive week.
Oil prices dip to a three-month low.
Overproduction by OPEC is no longer the problem – last year it agreed to cut supply.

Oil price dips as U.S. drills for more*/

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