Oil prices eased today after rallying at the end of last week, but tensions between Saudi Arabia and Iran helped limit losses.
At the current oil price level, drilling activity – and thus output – in the U.S. is likely to increase
further said in a note.
U.S. output and rising production in Canada and Brazil are undermining efforts led by the Organization of the Petroleum Exporting Countries and Russia to curb supplies and bolster prices.
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