Oil bulls lose heart as mega producers signal more supplies

Oil workers operate drill sections while working on the drilling floor beneath the travelling block, right, on a derrick operated by Salym Petroleum in Salym, Khanty-Mansi autonomous region, Russia, on Tuesday, July 2, 2013. Oil extended losses below $60 a barrel amid speculation that OPEC's biggest members will defend market share against U.S. shale producers. Photographer: Bloomberg/Bloomberg
Oil workers operate drill sections while working on the drilling floor beneath the travelling block, right, on a derrick operated by Salym Petroleum in Salym, Khanty-Mansi autonomous region, Russia, on Tuesday, July 2, 2013. Oil extended losses below $60 a barrel amid speculation that OPEC's biggest members will defend market share against U.S. shale producers. Photographer: Bloomberg/Bloomberg

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