- U.S. oil production could begin to decline by year-end, says OPEC, trying to defend its decision to maintain output in a bid to gain market share by forcing American producers to stop drilling.
- The cartel had previously forecast U.S. oil production to not begin declining until 2018.
- For the full year, OPEC sees U.S. production growth of 820K barrels per day vs. 2014's 1.61M barrel per day increase.
- A bounce in WTI crude has failed and it's now taken out new six-year lows, down 3.5% on the session to $43.26 per barrel. USO -3.9%
- ETFs: USO, OIL, UCO, SCO, BNO, UGA, DTO, DBO, UWTI, USL, DWTI, UHN, DNO, SZO, OLO, TWTI, OLEM