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Commodity Market Tips; Oil Prices Drop As Oversupply Concerns Overshadow OPEC Cuts
Oil prices slipped on Friday, retreating from the previous day's gains under pressure from a stronger dollar and rising U.S. shale oil output, but losses were limited by expectations that producing countries will eventually cut enough output to reduce a global glut. Rising U.S. output has helped boost domestic crude and fuel inventories to record highs. Still, the Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia agreed to cut output almost 1.8 million barrels per day (bpd) during the first half of 2017. Estimates suggest compliance by OPEC is around 90 percent, and Reuters reported on Thursday that OPEC could extend the pact or even apply deeper cuts from July if global crude inventories fail to drop to a targeted level.