Oil traded at a three-week low after a forecast on U.S. shale growth added to mounting worries that the rebalancing process is stalling.
Futures fell 0.8% in New York after 2.5% decline on Augus4 14, the biggest drop in more than five weeks.
Production at shale fields is forecast to expand to 6.15 million barrels a day in September, according to an Energy Information Administration report. This week’s U.S. stockpile report may show that crude inventories declined for a seventh week, according to a Bloomberg survey.
