Oil Drops Over $1 On Report of Rising Supplies
Oil prices fell over $1 a barrel today after data showed evidence of rising supplies in the U.S.
OPEC is aksi close to approving a 500,000 barrel-a-day increase in output.
According to a Forbes article,
“Light, sweet crude for May delivery fell $1.51 to $50.35 a barrel in afternoon trade on the New York Mercantile Exchange. On the International Petroleum Exchange in London, Brent crude was down $1.15 to $50.83 a barrel.
Nymex crude futures have fallen by nearly 14 percent since reaching an intraday high above $58 a barrel last Monday. Traders are hesitant to declare that oil prices have peaked for the year, though they say that supply increases and signs of shrinking demand growth could keep downward pressure on the market for the rest of the quarter.”
According to the U.S. Department of Energy, the country’s crude supply grew by 3.6 million barrels last week.
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