Though US oil production has dropped to its lowest numbers since May 2014, investors still question whether crude oil prices are on the rebound.
High US inventories and surging output from OPEC, Russia and Canada have led money managers to cut price projections to their lowest level in four months. US production dropped by 194,000 barrels a day to 8.43 million the week ending July 1, and output declined by 12%, Bloomberg reports.
“While US production looks weak, there’s only been a modest decline in US inventories…the offsetting factor has been very robust imports,” Citi Futures Perspective energy analyst Tim Evans says. [Bloomberg]
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