Crude Oil Prices Settled Lower As Investors Feared A Ramp Up In U.S. Shale

Crude oil trading range for the day is 3838-4054.

Crude oil prices settled lower as investors feared a ramp up in U.S. shale output would undermine OPEC’s efforts to cut global supplies.

U.S. crude production, pushed up largely by shale oil drilling, is expected to rise above 11 million bpd by late 2018, taking the top spot from Russia.

U.S. crude inventories rose by 1.2 million barrels in the week to March 9, to 428 million barrels, the American Petroleum Institute said.

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