Oil futures extended a losing streak to a sixth session Monday as traders looked to the release of monthly reports from major industry groups this week that are expected to provide updates on OPEC crude production and global demand.
Prices held ground at their lowest settlement since late November as robust growth in U.S. oil production continued to threaten the Organization of the Petroleum Exporting Countries’ plan to limit global production.
On the New York Mercantile Exchange, April West Texas Intermediate crude CLJ7, -1.63% fell 9 cents, or 0.2%, to settle at $48.40 a barrel. May Brent crude LCOK7, -1.13% on London’s ICE Futures exchange shed 2 cents to end at $51.35 a barrel.
“U.S. oil production growth shows little sign of slowing,” said Robbie Fraser, commodity analyst at Schneider Electric.
Just ahead of the Nymex settlement Monday, a report from the Energy Information Administration showed a forecast for an increase in oil output for major U.S. shale plays in April. It sees a rise of 109,00 barrels a day in April oil production, from a month earlier.
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