SINGAPORE and LONDON (Bloomberg) -- Oil is poised for its first monthly decline in half a year as January’s rally fades on growing fears over booming U.S. shale supply.
Futures in New York were down 0.1%, putting them on course for a 2.7% drop in February. An industry report was said to show U.S. oil inventories rose last week, which would be the fourth expansion in five weeks if confirmed in government data. The head of OPEC plans to dine with shale producers in Houston next week at a time when America is pumping at record levels and threatening the group’s efforts to curb a global glut.
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