No matter how hard the Organization of the Petroleum Exporting Countries (OPEC) tries to support global crude prices and speed up the recovery of the oil market, the developments in North America are offsetting every effort.
Oil prices in New York on Friday capped the most stable week in 13 years due to record US stockpiles and a drilling boom in shale oil fields. Prices were caught between larger-than-expected growth in the US crude stocks and reports that OPEC members may exercise an option to extend a pact to cut production by six more months.
West Texas Intermediate (WTI) for March delivery, which expires Tuesday, rose 4 cents to settle at $53.40 a barrel on the New York Mercantile Exchange (NYME). Total volume traded was about 21 percent below the 100-day average. Futures declined 0.9 percent this week. The more-active April contract advanced 3 cents to $53.78.

Source: Arab News