US inventories of crude oil had climbed nine straight weeks as producers lifted output, seeking to keep high energy prices from damaging the global economy. Following the European Commission, the International Monetary Fund also lowered its economic growth for euro zone and Japan.
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Crude Eased Slightly on Traders Expectations
Crude oil prices eased on Monday as traders expected
Crude oil prices eased on Monday as traders expected that oil inventories would continue to rise while economic growth might slow.
US light, sweet oil futures declined 12 cents to end at $50.37 per barrel on the New York Mercantile Exchange.
London?s June Brent oil futures contract fell 83 cents, closing at $50.78 a barrel on the International Petroleum Exchange.
US inventories of crude oil had climbed nine straight weeks as producers lifted output, seeking to keep high energy prices from damaging the global economy. Following the European Commission, the International Monetary Fund also lowered its economic growth for euro zone and Japan.
US inventories of crude oil had climbed nine straight weeks as producers lifted output, seeking to keep high energy prices from damaging the global economy. Following the European Commission, the International Monetary Fund also lowered its economic growth for euro zone and Japan.
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