West TX Oil at $78 on OPEC Outlook

West Texas Intermediate headed for a sixth weekly drop, the longest losing streak in almost a year, as OPEC predicted it will need to supply less crude amid the U.S. shale boom. Brent fell in London.

Futures were little changed in New York and down 3.5 percent for the week. The Organization of Petroleum Exporting Countries reduced every forecast for its crude through 2035 except next year, according to the group’s annual World Oil Outlook. Libya plans to resume production from its biggest field that was halted after an attack, an official said.

Oil has slumped into a bear market amid signs that global supply is outpacing consumption. Leading OPEC members have resisted calls to cut output as they compete with the U.S., which is pumping at the fastest pace in more than 30 years.

Bloomberg

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