Oil Retreats Near $84 on Bearish Supplies
Extending losses for a fourth consecutive session on the New York Mercantile Exchange, crude futures settled down near $84 a barrel Monday as oil traders eyed bearish forecasts for an increase in crude oil and distillate stockpiles for the previous week.
Trimming earlier gains led by a weaker U.S. currency against the euro, the price of light, sweet crude oil for May delivery retreated to $84.34 a barrel at the close of today's session. Also posting a negative movement on today's NYMEX, natural gas spot prices fell to $4.01 per thousand cubic feet.
Technical support for bullish oil prices was limited by a preliminary forecast by Reuters indicating a 1.6 million-barrel rise in crude inventories for the week leading to Apr. 9.
Conversely, NYMEX gasoline futures under the May contract settled at $2.30 a gallon, spurred higher by forecastsof an additional drawdown in gasoline supplies by some 700,000 barrels, according to Reuters' preliminary poll.