Oil Holds Gains Near $61 as Impending Supply Gap Eclipses Shale
- U.S. crude production rose for third week to record-high
- Drop in Venezuelan production may exacerbate supply shortfall
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Crude circled around the $61-a-barrel mark as the International Energy Agency warned of an impending shortfall in global oil supplies even as U.S. shale drillers lifted output to unprecedented heights.
Futures ended the session higher for a second day, yet traded in a tight 72-cent range in New York on Thursday. The dire situation in Venezuela’s oil sector may exacerbate a worldwide supply deficit expected later this year, the Paris-based IEA said. At the same time, American crude output continues to surge.