Oil's April rollercoaster takes it back to USD 50 on supply dilemma
After three straight weeks of gains until mid-April, futures are down by 2.3 percent in New York. Meanwhile, investors are worried that US crude output will hinder the extension of OPEC-led supply cuts.
BY BEN SHARPLES, BLOOMBERG
Futures are down 2.3 percent this month in New York after slipping 6.3 percent in March. That belies three straight weeks of gains that ended April 14. What’s worrying investors is expanding U.S. crude output, which is damping optimism that OPEC-led supply cuts will be extended. While American production has expanded to the highest since August 2015, Saudi Arabia’s energy minister has acknowledged that the first quarter of curbs failed to bring stockpiles below the five-year average.
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