Oil Rises From Month-Low as OPEC Signals Concern About U.S. Shale-Oil Production
Oil rose to more than $92 a barrel Monday after finishing at the lowest price in a month Friday as OPEC ministers signaled growing unease with the U.S. oil boom, Bloomberg News reported.
OPEC, which met Friday in Vienna, kept its supply targets in place and agreed to begin a study into shale-oil development, Bloomberg reported.
Crude futures finished last week’s New York Mercantile Exchange trading at $91.97 a barrel, the lowest price since May 1.
U.S. oil production jumped 20% in a year to 7.37 million barrels a day for the week ended May 3, the highest level in 21 years, Bloomberg reported, citing Department of Energy figures.
DOE will release its weekly survey of diesel and gasoline pump prices Monday afternoon in Washington.
