Oil Slides to Lowest in a Month as U.S. Drillers Boost Output - Bloomberg

Oil Slides to Lowest in a Month as U.S. Drillers Boost Output - Bloomberg:

"Oil dropped to the lowest level in more than a month amid surging U.S. output and signs that OPEC and Russia may ease production limits. Futures in New York lost 3.1 percent this week, while the global benchmark traded in London ended the week 0.5 percent higher. Unprecedented U.S. production and transportation bottlenecks at the biggest American oil field are weighing on West Texas Intermediate crude. Meanwhile, Saudi Arabia and Russia are indicating they may push more supplies onto global markets. “When you look at the production we’ve had in the U.S., it continues to ramp up and you end up having some capacity constraints with the pipelines,” said Mark Watkins, who helps oversee $151 billion at U.S. Bank Wealth Management. “Overseas, as people are wanting our cheaper oil, we’ve go to get it to port cities to ship that off and there’s not a quick fix for this.”"



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