Oil is set to post a loss this week despite a wave of bullish news.
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Oil prices are set to post a loss for the week despite being bolstered by the OPEC+ deal and the forthcoming restart of trade talks between Washington and Beijing. It seems that economic concerns will continue to weigh on the market in the coming weeks.
U.S. shale production faces spacing problem. According to the Wall Street Journal, a drilling test conducted by Encana (NYSE: ECA), has proved to be a dramatic disappointment. Encana’s “cube” development envisioned packing dozens of wells together – originally supposed to be as much as 60 – from a single location. However, instead of cutting costs and boosting output, the wells performed poorly, and they are expected to produce as little as half of the oil as other wells drilled farther apart. The result suggests U.S. shale could peak sooner than expected, the WSJ said.
UK seizes Iranian oil tanker. The British Royal Marines seized an Iranian oil tanker in Gibraltar on Thursday for attempting to take oil to Syria, which violates European Union sanctions.…
