Oil Tumbles Amid Bad News For Glut As US Offshore To Hit Record In 2017
by Tyler Durden
ZeroHedge.com
Jun 27, 2016
WTI Crude has tumbled back to a $46 handle this morning (from over $50 on Friday) with Brexit volatility weighing on every asset class and Nigeria and Canada restart production (following rebel attacks and wildfires respectively) but as OilPrice.com’s Charles Kennedy notes companies pumping oil from the Gulf of Mexico will ramp up production in coming months, propping up American output, despite efforts to curb production and raise barrel prices.
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