|01-09-2015, 11:24 PM||#1|
Oil falls amid signs of decline in shale oil production
Oil prices fell on Friday amid signs of decline in US shale oil production, which has seen an unprecedented uptick in production rates during the last period.
The boom in shale oil production by US companies formed a kind of pressure on oil supply in global markets, through participating in the rally against the continued weak demand rates.
It is worth mentioning that the decline in prices may continue until the end of the first half of 2015, which might push US companies to reduce its production of high-cost oil shale.
Several expectations indicated that US oil shale production will see a state of decline in the coming period, because of the high cost in conjunction with the continued decline in oil prices that could drop further in the coming period.
Brent crude futures extended declines by 0.32% on Friday at 09:29 GMT, trading around $48.64 a barrel.
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