Crude futures settled sharply lower Thursday, with energy markets awaiting the next moves from OPEC as U.S. waivers on Iran oil sanctions expire, and as a jump in domestic supplies and record U.S. crude production continued to weigh on prices.
U.S. prices fell Wednesday and remained lower Thursday after a U.S. government report revealed a nearly 10 million-barrel rise in domestic crude supplies — the biggest weekly climb of the year so far. It also revealed that weekly U.S. crude production edged up by 100,000 barrels to a record 12.3 million barrels a day.
U.S.-based West Texas Intermediate crude for June delivery lost $1.79, or 2.8%, to settle at $61.81 a barrel on the New York Mercantile Exchange, with front-month prices ending the session at their lowest since April 1, according to Dow Jones Market Data.
Meanwhile, global benchmark July Brent crude fell $1.43, or 2%, to $70.75 a barrel on ICE Futures Europe after a drop to as low as $69.68. That the lowest finish for a front-month contract since April 9.
Source : Marketwatch