Oil is enjoying new growth after the data shows there are larger stocks than expected, with the price rising slightly above $ 58.60. However, this may not last for too long.
American politicians are aiming to prevent OPEC from coordinating action on oil extraction, which may affect the price of oil. They managed to push their proposal for the so-called " NOPEC law through the House Judiciary Committee. NOPEC stands for No Oil Production and Exporting Cartels Act.
OPEC's reaction, of course, was not delayed, and they remained rather embarrassed. The Cartel has warned that if the law passes through Congressional it will stop its action, and member states will intensify to a massive extent the yield. This will cause a collapse in oil prices, which will put shale gas business in the US under great strain.
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