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COMING UP:Share Opener Variant 3

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Transcript

00:00:01
>> Oil prices on track for a fourth straight week of losses. US crude slipping towards $44 a barrel over the past five days. Brim full stockpiles of the stuff one factor and it's American drivers to blame. Reuters oil correspondent, Libby George.>> Normally, this time of year, people are out driving, they're going on holidays.
00:00:22
This year demand growth is not turning up in the figures yet and the stocks grew, so you've more gasoline in the United States and that's adding on top of all the crude oil that's around and it's really weighing on sentiment.>> The OPEC oil producers' cartel has been trying to give prices a lift
00:00:37
>> In late May, it agreed to extend production cuts, but there were holes in the plan.>> The OPEC production cuts are really suffering for one reason because two oil producers who are members of OPEC, Nigeria and Libya, they were exempt from the cuts and now they're seeing a rebound in production.
00:00:54
>> Oil prices now are about 13% down since late May and there is little sign of relief for producers, the International Energy Agency predicting that supply will exceed demand right into 2018.