Organization of Petroleum Exporting Countries (OPEC) member states and other international oil-producing nations are not doing the commodity any favors by refusing to trim to production, which could provide some relief to prices.
“Russian oil output rose to a post-Soviet record last month as producers took advantage of the weak ruble to push ahead with drilling. The nation’s production of crude and condensate climbed to 10.74 million barrels a day, 1 percent more than a year earlier and topping a record set in June, according to data from the Energy Ministry’s CDU-TEK unit,” reports Bloomberg.
USO added $862.4 million in new assets in third quarter.
United States Oil Fund
