Brent Rises At June Contract Expiration, US Crude Falls

Reuters

NEW YORK, May 15 (Reuters) - Front-month Brent crude futures rose and went off the board on Thursday at the highest settlement since March, while U.S. futures fell, snapping a string of three straight higher settlements.

While concerns about the crisis in Ukraine and a tightening global oil market continued to support oil futures and helped June Brent finish higher, Brent for delivery in nearby months fell on pressure from news of returning Libya supply.

OPEC-member Libya's output was at 300,000 barrels per day (bpd) with the El Feel field at full capacity and Wafa field back at work after protests ended, an official with the National Oil Corporation said.

Royal Dutch Shell lifted force majeure on exports of Forcados crude from Nigeria, adding to the pressure on oil.

Expiring Brent crude for June rose 25 cents to settle at $110.44 a barrel, its highest settlement since settling at $111.20 on March 3. Brent July crude fell 22 cents to settle at $109.09 a barrel.

U.S. June crude fell 87 cents to settle at $101.50 a barrel after Wednesday's settlement at $102.37, its highest finish since April 21. The June contract expires Tuesday.

U.S. RBOB gasoline and heating oil futures also fell on Thursday, after three consecutive higher settlements.


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Brent Crude Oil : $53.92/BBL 2.79%
Light Crude Oil : $51.08/BBL 2.66%
Natural Gas : $3.3/MMBtu 3.22%
Updated in last 24 hours