Oil Slips as OPEC Deal Seen Leading to Potential Shale Surge
- Futures close 1.5% lower for biggest drop since Nov. 14
- North America drillers to boost spending 20% in 2018: Evercore
Citigroup's Morse Says OPEC Is in Defensive Mode
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Oil retreated the most in more than two weeks amid worries that OPEC’s deal to extend production cutbacks may take U.S. shale activity to a whole new level.
Futures closed 1.5 percent lower in New York. OPEC and partners including Russia last week agreed to keep cutting output through the end of next year. At the same time, North American explorers probably will boost spending by 20 percent in 2018, according to an Evercore ISI survey of industry budget trends.