Oil heads for third weekly loss as U.S., Nigeria prolong glut
June 12, 2017 | Commodities & Oilprice, Energy Trading & Markets, OPEC
New York, US | – Oil headed for a third weekly drop as rising supplies from the U.S. and Nigeria showed that OPEC is still struggling to clear a global oil surplus. Futures were little changed in New York Friday, returning to the sub-$50 levels traded when OPEC first agreed to output curbs in November. U.S data released Wednesday showed total crude and product stockpiles rose by the most since 2008 last week, surprising a market that had been expecting further declines. American output is also …