Brent Rises At June Contract Expiration, US Crude Falls
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.
123
View Full Article
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Weatherford CEO's Rebound Plan Relies On Getting Smaller
- Iran Says Oil Market Is Too Tight For US Zero Exports Target
- China's Squeezed 'Teapots' Eye Petchem Path To Riches
- Baker Hughes: US Drillers Add Oil Rigs For Second Week In Three
- Venezuela Hands China More Oil Presence, But No Mention Of New Funds
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- UK Oil Regulator Publishes New Emissions Reduction Plan
- PetroChina Posts Higher Annual Profit on Higher Production
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- McDermott Settles Reficar Dispute
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- USA Commercial Crude Oil Inventories Increase
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call
- India Halts Russia Oil Supplies From Sanctioned Tanker Giant
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- Centcom, Dryad Outline Recent Moves Around Red Sea Region
- PetroChina Set to Receive Venezuelan Oil
- Czech Conglomerate to Buy Major Stake in Gasnet for $917MM
- US DOE Offers $44MM in Funding to Boost Clean Power Distribution
- Oil Settles Lower as Stronger Dollar Offsets Tighter Market
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension
- Equinor Makes Discovery in North Sea