17.08.201708:10:00UTC+00Crude Oil Drifting Lower By The Day

Crude oil futures continued to fall Thursday amid doubts that OPEC will limit production in accordance with its supply quota plan.

Production from the cartel has risen instead of falling this summer, resulting in a global supply glut that may linger into 2018.

OPEC's noncompliance has offset a likely slowdown in U.S. shale output.

Data from the U.S. Energy Information Administration Wednesday showed that domestic crude supplies fell by 8.9 million barrels for the week ended Aug. 11 -- almost triple my forecast for a decline of 3 million barrels.

In the meantime, WTI light sweet crude oil was down 10 cents at $46.67 a barrel