Oil prices remained week on Tuesday morning despite a weaker dollar, whereas gasoline prices pumped on yet another outage on the Colonial Pipeline. (Click to enlarge) (Click to enlarge) (Click to enlarge) Chart of the Week (Click to enlarge) • Global offshore oil production in deepwater topped 9.3 million barrels per day in 2015, up from 7 mb/d a decade ago. • At the same time, shallow water oil production is losing significance as resources are exploited and exhausted. Shallow water output only accounted for 64 percent of offshore production, the lowest share on record. • Offshore output accounts for 30 percent of overall oil production, but companies need to go further offshore and into deeper water to find new reserves. Market Movers • ExxonMobil (NYSE: XOM) was cut to Neutral from Buy by Goldman Sachs on Monday, lowering its price target from $98/share to $93/share. […]