Oil Steadies Near $57 a Barrel 

Bloomberg | Grant Smith

Since OPEC’s decision to extend output curbs through 2018 last week, U.S. shale drillers are more confident and are investing more in production.

Oil steadied near $57 a barrel as traders weighed OPEC’s production cuts against the prospect of a fresh surge in U.S. supplies. Oil is averaging about $54 a barrel this quarter, the highest in more than two years as global supply tightens and as the Organization of Petroleum Exporting Countries and its allies agreed to extend output curbs until the end of 2018. OPEC’s pact has bolstered prices, giving U.S. shale drillers the confidence to invest more in expanding production.

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