Oil prices settled at their lowest finish in nearly five weeks on Monday as traders remained uncertain that OPEC’s production curb would offset rising domestic crude output, according to Bloomberg MarketWatch.
June West Texas Intermediate crude fell 49 cents, or 1%, to settle at $48.84 a barrel on the New York Mercantile Exchange. WTI prices lost about 2.5% in April.
On the London ICE Futures Exchange, July Brent crude, the global benchmark, dropped 53 cents, or 1%, to end trading at $51.52 a barrel.
“With the future of OPEC policy unclear, the trend of rising U.S. production remains the single biggest headwind for oil prices in the medium term,” said Tyler Richey, co-editor of the Sevens Report.
Back on the New York Mercantile Exchange, June natural gas ended at $3.215 per million British thermal units, down 1.9%.