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16-Apr2019

Crude oil futures end lower on Monday

Crude oil futures ended lower on Monday as a Russian official reportedly questioned his country's participation in the Organization of the Petroleum Exporting Countries (OPEC)-led production cut deal on concerns over market share. Russian Finance Minister Anton Siluanov said 'there is a dilemma. What should we do with OPEC: should we lose the market, which is being occupied by the Americans, or quit the deal'.  He said such a move could drive the price of oil to $40 a barrel or below. Besides, in a monthly report, the government agency, the Energy Information Administration said crude-oil production from seven major US shale plays is forecast to climb by 80,000 barrels a day in May to 8.46 million barrels a day, from 8.38 million in April.

Benchmark crude oil futures for May dropped 49 cents or 0.8 percent to settle at $63.40 a barrel on the New York Mercantile Exchange. June Brent crude declined 37 cents or 0.5 percent to settle at $71.18 a barrel on London's Intercontinental Exchange.


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