Saturday 18 May 2019

Crude oil futures settle lower on Friday

Crude oil futures settled lower on Friday amid prospects of supply disruptions due to escalation in tensions in the Middle East. Downside was limited with the unexpected increase in US crude inventories in the previous week and prospects of a drop in global energy demand in the event of the US and China failing to end their trade dispute.

The Organization of the Petroleum Exporting Countries (OPEC)-led supply cuts and the US sanctions on Iranian oil have significantly reduced the supply level in global crude market this year. Besides, OPEC and allied producers will meet in Vienna on June 25-26, just ahead of the expiration of the OPEC-led production cut deal.

Benchmark crude oil futures for June lost 11 cents or 0.2 percent to settle at $62.76 a barrel on the New York Mercantile Exchange. July Brent crude fell 41 cents or 0.6 percent to settle at $72.21 a barrel on London's Intercontinental Exchange.

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