Oil had rallied above $53 a barrel after some members of the Organization of Petroleum Exporting Countries voiced support for prolonging cuts past June, but rising U.S. output is undermining the effort to trim a global glut. Production from major shale plays in May is forecast to climb to the highest level since 2015, according to the EIA.
“The glaring rise in U.S. gasoline refined product inventories, in combination with persistent lower-48 production growth, keeps us cautious on oil prices,” said Chris Kettenmann, chief energy strategist at Macro Risk Advisors LLC in New York. “We would not buy the intraday dip.”
West Texas Intermediate for May delivery dropped $1.97, or 3.8 percent, to settle at $50.44 a barrel on the New York Mercantile Exchange. It was the biggest decline since March 8 and the lowest close since April 3. Total volume traded was about 30 percent above the 100-day average. WTI settled below the 50-day and 100-day moving averages for the first time in two weeks.
Brent for June settlement fell $1.96, or 3.6 percent, to $52.93 a barrel on the London-based ICE Futures Europe exchange. It was the lowest close since March 31. The global benchmark crude ended the session at a $2.08 premium to June WTI.
- A Non-Violent Activist Dies in Texas (online article)
- Are Police Taking Sides in Protests? (online article)
- Artwork, Stories and Photojournalism
- Austrian Party with Nazi Imagery Wins Big (online article)
- Devil’s Spit (short story clip)
- For Better or Worse (short story – online)
- Miss Patel’s Holiday (short story clip)
- Notes from the Obama Rally (Nov. 12, 2007)
- Remembering David Bowie (short story clip)
- Sari Sari (short story clip)
- The Media as Theater of War
- Travel Journal
- A New Yorker in Belize
- Belize: Hol Chan Marine Reserve and Shark Ray Alley
- Belmar Beach after the Storm – 2009
- Christmas in New York (2005)
- Civilization in the Jungle: Mayan Lamanai Temple
- Fruit and Flowers in the Garden State
- Jones Beach Airshow
- Protest at the UN: No to dictatorship, yes to democracy in Iran
- San Francisco 2005
- Wintery Wall Street – 2009
- Zombies at the Jersey Shore – 2009
- Two Visits to a Fast-Changing Lebanon (online article)
- Wahhabism, Saudi Arabia, and Their Gift to Yale | Omer Aziz
- Welcome to the Jungle (short story – online)
- What Would Teddy Do? (short story – online)
Error: Twitter did not respond. Please wait a few minutes and refresh this page.