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An oil-drilling outside of Midland, Texas. Photo: Brittany Sowacke / Bloomberg via Getty Images
After last week's losses, prices remain pretty volatile, as WTI was hovering above $60 again in pre-market trading, Reuters reports.
One key data point: "Data released Friday revealed the biggest weekly jump in the number of U.S. oil-drilling rigs since January 2017, contributing to concerns about a surge in U.S. production," MarketWatch notes.
What to watch this week: In addition to the usual Energy Information Administration (EIA) data on stockpiles on Wednesday, this week brings...
- The latest edition of the International Energy Agency's closely watched monthly oil market report lands tomorrow.
- On Monday afternoon, EIA will show its forecast for U.S. shale production this month and in March.
Be smart: A weekend piece in Bloomberg's Gadfly analysis section says the "nightmare scenario" for OPEC would be data emerging soon that shows a cut in projected global oil demand growth, which would be the other shoe to drop after surging U.S output.