Oil prices fell to three week lows before recovering slightly on Friday morning, as early reports of OPEC’s compliance in February look promising. (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) Friday, March 3, 2017 Oil prices dropped to a three-week low on Thursday following a bearish data release from the EIA. Crude inventories broke a new record at 520.2 million barrels, and U.S. oil production figures jumped to 9.032 million barrels per day, a gain of 31,000 bpd from the previous week. Rising production and inventories weighed on prices. However, a weaker dollar buoyed WTI and Brent towards the end of the week. OPEC compliance reaches just about 100 percent. Data for February is in and it shows that OPEC increased its compliance rate. Saudi Arabia took on the additional burden, cutting deeper than it […]