Crude Down on Saudi Supply
A stronger dollar and comments regarding spare capacity from Saudi Arabia's Oil Minister Ali al-Naimi were all that was needed to push oil prices lower Tuesday. Ali al-Naimi said that Saudi Arabia is capable of increasing daily production up to 12.5 million bpd if needed but there is plenty of existing supply.
Brent and WTI crude both traded lower for the day. Front-month futures for Brent crude fell $1.59 to settle at $124.12. On the NYMEX, light, sweet crude futures for May finished down $2.49 to settle at $106.07 per barrel.
Among refined products, April reformulated gasoline blendstock was down a penny on the day to $3.36 a gallon.
Natural gas fell nearly 2 cents to $2.335 per MMBtu for the April contract at settlement.
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