>> Oil prices dipped to a three month low. Brent crude dropping to just over $51 a barrel and West Texas down to $48.30. Overproduction by OPEC is no longer the problem, last year it agreed to cut supply. It's now a country outside the block trying to fill its own tank and it's showing no sign of slowing down.
US drillers have added oil rigs for an eighth consecutive week while crude inventory has recently surged by 8.2 million barrels. And expected fed rate hike would only strengthen the American industry, making it more expensive for importers of US shale. That sent alarm bells ringing at Russia's Rosneft. The oil major warning if the US continues down this road the OPEC deal will be short-lived.