Oil Prices Slip Again Over Concern of Growing Inventories

 

Another day of trading  and another day of falling oil prices. West Texas Intermediate crude dropped 51 cents to settle at $60.85 a barrel in trading on the New York Mercantile Exchange. The drop amounted to a slip of 0.83% on April futures.

Brent Crude on the ICE exchange in London dropped 26 cents to settle at $64.69 a barrel for May futures.That was a drop of 0.40%.

Natural gas prices on the NYMEX remained nearly even at $2.79.

As for the oil prices, once again the drop was attributed to ever-present concerns that surging U.S. production could push inventories higher in the country.

U.S. crude oil production soared past 10 million barrels a day in late 2017 and some observers still believe the production could hit 11 million a day in 2018.

The U.S. Energy Information Administration announced Monday that U.S. crude production from major shale productions will increase to 131,000 bpd in April from the previous month to a record 6.95 million bpd.

The latest weekly U.S. production data will be released on Wednesday by the EIA.

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