Futures in New York were little changed, putting them on course for a 2.8 percent drop in February. An industry report was said to show U.S. oil inventories rose last week, which would be the fourth expansion in five weeks if confirmed in government data. The head of OPEC plans to dine with shale producers in Houston next week at a time when America is pumping at record levels and threatening the group’s efforts to curb a global glut.
After the best start to the year in more than a decade, oil has had a tumultuous month. Prices tumbled early in February following a global asset rout, only to recoup some losses as equities rebounded. While output curbs by the Organization of Petroleum Exporting Countries, a supply disruption in Libya and turmoil in Venezuela have helped underpin prices, expanding U.S. shale production continues to haunt the market.
The American Petroleum Institute was said to report U.S. oil stockpiles rose by 933,000 barrels last week. Government data Wednesday is forecast to show inventories rose by 3 million barrels, according to a Bloomberg survey.
U.S. crude output is forecast to rise to a record level in February, stoking fears that shale producers may derail OPEC’s strategy of reducing output to clear a global glut. The producer group’s Secretary General Mohammad Barkindo said he will meet with U.S. shale company executives for dinner on Monday in Houston, the second time he has met with some of the cartel’s top rivals.
more detail at: https://www.bloomberg.com/news/articles/2018-02-28/oil-set-for-first-monthly-drop-since-august-on-stockpile-fears