Oil Falls After Biggest Monthly Gain in Six Years
Oil declined in New York on April 30 after its biggest monthly advance since May 2009.
Futures fell as much as 1.2% after capping a 25% increase in April. Iraq exported 3.077 barrels a day this month, Oil Ministry spokesman Asim Jihad said. Prices are headed for a 3.7% weekly gain as crude stockpiles at Cushing, Oklahoma, the biggest U.S. oil-storage center, last week shrank for the first time since November and refinery rates rose, according to government data.
Oil has rebounded from a six-year low reached in March as U.S. drillers cut the number of operational oil rigs to the fewest since 2010, adding to signs that the surplus may decline. U.S. crude stockpiles still are at the highest in 85 years, raising speculation the rally may falter.
West Texas Intermediate for June delivery lost as much as 71 cents to $58.92 a barrel, trading for $59.21 a barrel on the New York Mercantile Exchange. The contract gained as much as 27 cents to $59.90 earlier, the highest since Dec. 11. The volume of all futures traded was 44% below the 100-day average for the time of day. Prices gained 12% this year.
Brent for June settlement fell 59 cents to $66.19 a barrel on the London-based ICE Futures Europe exchange. Prices rose 21% in April, also the most since May 2009. The European benchmark crude was at a premium of $6.98 to WTI, compared with $8.13 on April 24.
