Oil Down On Ample Supply As June Brent Expires



Reuters

NEW YORK, May 14 (Reuters) - Oil futures pulled back on Thursday as ample global supply weighed on prices while Brent's front-month June contract headed to expiration.

Trading was choppy as market participants tried to square bullish factors, including recent drops in U.S. inventories, spot demand for crude in Asia and Middle East unrest, with basic supply fundamentals of historically high inventories and ample production.

"The market is really in a pause," said Harry Tchillgurian, analyst at BNP Paribas. "The longer the price stays up, the more you invite supply to come back to the market."

Expiring front-month Brent June crude fell 22 cents to settle at $66.59 a barrel. July Brent fell 57 cents to settle at $66.70.

U.S. June crude fell 62 cents to settle at $59.88.

U.S. RBOB gasoline futures rose 1.70 cents to settle at $2.0575 a gallon and ULSD futures managed a 0.05 cent gain to $2.0056.

Falling U.S. refined products inventories and falling weekly jobless claims in the United States supported products futures.


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