Futures in New York added as much as 1.6 percent after rising 1.3 percent Monday. Saudi Arabia will cap shipments at 6.6 million barrels a day in August, 1 million lower than a year earlier, said Energy and Industry Minister Khalid Al-Falih. In the U.S., Halliburton Co. and Anadarko Petroleum Corp. signaled that the investment in shale fields may finally be succumbing to the oil price slump. “Yesterday’s Saudi decision to cut exports still lingers in the market,” said Bjarne Schieldrop, chief analyst for commodities at SEB Markets. The headlines that the U.S. shale oil boom is easing are also driving futures higher, he said. Click Read More below for more of the story.
Oil futures were under pressure Monday, pulling back from five-month highs notched last week, after Russia’s finance minister said his country and OPEC may decide to boost output to fight for market share with the U.S.
“There is a dilemma. What should we do with OPEC: should we lose the market, which is being occupied by the Americans, or quit the deal?” Russian Finance Minister Anton Siluanov was quoted as saying Saturday by the TASS news agency, according to Reuters. Siluanov said such a move could drive the price of oil to $40 a barrel or below, the report said.
more at source:https://www.marketwatch.com/story/oil-retreats-from-5-month-high-as-russian-official-talks-of-potential-bid-for-greater-crude-share-2019-04-15