# Oil's OPEC-Driven Gain Wiped Out as Shale Boom Offsets Cuts - Bloomberg

> Oil futures on both sides of the Atlantic dropped to their lowest since late November, erasing the rally that followed OPEC's production deal. Growing signs of US shale output offsetting the cuts drove the decline.

- Date: 2017-05-03 · published 2017-05-03T12:00:00.000Z
- Category: market · region Global · magnitude medium
- Page: https://feedsoft.ai/events/11188-oil-s-opec-driven-gain-wiped-out-as-shale-boom-offsets-cuts-bloomberg
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Rising shale supply that offsets OPEC cuts adds to the global surplus and weighs on crude prices, which feed into energy costs for feed production and transport.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2017-05-03/oil-resumes-decline-as-u-s-crude-production-expands-11th-week

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.