“Rig counts are increasing at an accelerating pace, and given the technological advances of the past three years, this should translate into significant supply,” Wittner told Reuters. “U.S. shale is coming back, and it’s coming back strong.”

Additionally, a strengthening U.S. dollar is also weighing on crude oil prices – oil is priced in dollars and becomes more expensive for foreign buyers as the USD appreciates against their currencies.

For more information on the oil markets, visit our oil category.

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