Oil Whipsaws as Production Seen Rising, More OPEC Cuts Discussed

Oil prices whipsawed Monday, turning negative after the International Energy Agency forecast potential shale oil growth and waning European refined product demand, which bodes poorly for global efforts to remove a glut. In a session driven by headlines, oil earlier strengthened slightly after Iraq’s oil minister said the Organization of the Petroleum Exporting Countries would likely need to extend its production cuts into the second half of 2017.