Growing Concern Over Production Sinks Crude Oil Futures on Monday

SupplyFears

As signs of further domestic growth in crude production worried traders, oil futures fell slightly on Monday, according to Bloomberg MarketWatch.

On the New York Mercantile Exchange, April West Texas Intermediate crude fell 13 cents, or 0.2%, to settle at $53.20 a barrel on the New York Mercantile Exchange.

On the London ICE Futures Exchange, the May Brent crude contract, the global benchmark, tacked on 11 cents, or 0.2%, to end trading at $56.01 a barrel.

Major oil producers continue to lower output, with the compliance rate for participating OPEC members climbing to 98.5% in February, up from 91% in January, according to a survey from S&P Global Platts.

Meanwhile, April natural gas rose 7.4 cents, or 2.6%, to settle at $2.901 per million British thermal units on the New York Mercantile Exchange.

 

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