Dropped in Oil prices due to Excess Supply in February

For three succeeding session, the crude oil dropped as the supply accumulated affecting the overall market. On the other hand, oil producers focus on expanding the shale oil production. Last week, oil reserve increased by 1.5 million barrels and recorded a 520.2 million barrels for the past eight consecutive weeks.

Yet, the oil market was able to steadily move within a tight trading range that was balanced out by the compliance of Organization of the Petroleum Exporting Countries in the production cut in the U.S. oil reserves. The OPEC cut its oil production in February that boosted the 94 percent participation of its member. Moreover, bigger cuts from countries like Saudi Arabia and Angola has helped even out weaker compliance from other members that curbed their output.