Quote of the WeekLast week oil prices recorded the biggest weekly loss since October as the IEA, EIA, and OPEC all forecasted large increases in US shale oil production during the next two years. On Monday London oil futures hit $70.37, the highest since December 2014. By the close on Friday, however, they were down to $68.61. Likewise, New York futures fell by nearly a dollar last week to close at $63.37. Last week saw several developments that should have moved oil prices higher.