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10-Apr2019

Crude oil futures settle lower on Tuesday

Crude oil futures settled lower with losses of over half a percent on Tuesday on account of expectations that US crude supplies climbed for a third straight week, as well as signs that Russia may not see a need to extend production cuts past June. US crude inventories likely rose by 2.8 million barrels for the week ended April 5. Meanwhile, in a monthly report, the Energy Information Administration (EIA) did lift its forecast for 2019 US crude production to 12.39 million barrels a day, up 0.7% from the March forecast. It also raised its 2020 output view by 0.5% to 13.1 million barrels a day. For 2019, the EIA lifted its West Texas Intermediate crude price outlook by 4.8% to $58.80 a barrel and its Brent view by 3.8% to $65.15.

Benchmark crude oil futures for May declined 42 cents or 0.7 percent to settle at $63.98 a barrel on the New York Mercantile Exchange. June Brent crude dropped 49 cents or 0.7 percent to settle at $70.61 a barrel on London's Intercontinental Exchange.


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