Oil Falls Most in Two Weeks as Phase Out of Supply Cuts Looms - Bloomberg

Oil Falls Most in Two Weeks as Phase Out of Supply Cuts Looms - Bloomberg:

"Oil prices slid the most in more than two weeks after Russia signaled that phasing out historic supply curbs that eliminated a worldwide glut may be on the table. West Texas Intermediate futures fell 1.6 percent on Thursday, extending the pullback from a three-year high. Russia and the Organization of Petroleum Exporting Countries will discuss whether it’s appropriate to scale back output cuts, Russian Energy Minister Alexander Novak said in St. Petersburg, adding that Russia and Saudi Arabia agree market conditions will dictate any decision. Russia and allied oil producers are broaching the possibility of easing output limits at a time when American shale drillers are pumping record amounts of crude. Still, the dual threat of supply disruptions from Iran and Venezuela -- which together account for about 14 percent of OPEC’s production -- may arrest any steep price slide."



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