Additionally, the international outrage over Saudi Arabia’s execution of a Shi’ite cleric ended speculation that Organization of Petroleum Exporting Countries could come together on a production cut, reports Simon Falush for Reuters. [Oil ETF Bears Continue Aggressive Forecasts ]
“There are rising stockpiles and the tension between Iran and Saudi Arabia makes any deal on production unlikely,” Michael Hewson, chief market analyst at CMC Markets, told Reuters.
United States Oil Fund
Max Chen contributed to this article.