Oil Tumbles to Five-Month Low as U.S. Production Builds

5 May 2017   Prices

Oil prices fell to a five-month low Thursday, as investors have become increasingly skeptical of OPEC’s abilities to ease a global supply glut amid elevated U.S. crude production and inventories. Light, sweet crude for June delivery fell $1.81, or 3.7%, to $46.01 a barrel on the New York Mercantile Exchange, on track to close at the lowest level since November 29. Brent, the global oil benchmark, fell $1.90, or 3.8%, to $48.89 a…

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