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Oil prices fall on expected surge in U.S. shale output

Reuters  |  LONDON 

By Karolin SchapsLONDON (Reuters) - Oil prices fell on Tuesday on news that U.S. shale oil output was expected to post the biggest monthly rise in more than two years, fuelling concerns that U.S. production growth is undermining OPEC-led efforts to rein in oversupply.The latest U.S. government drilling data showed shale production in May was set to rise to 5.19 million barrels per day (bpd), with output from the Permian play, the largest U.S. shale region, expected to reach a record 2.36 million bpd.Global benchmark Brent crude futures were down 26 cents at $55.10 a barrel at 0803 GMT. They ...

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First Published: Tue, April 18 2017. 14:45 IST
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