U.S. oil futures closed lower on Thursday as an ample global supply picture weighed on prices while Brent’s front-month June contract headed to expiration.
U.S. crude for June delivery closed down 62 cents, or 1 percent, at $59.88 a barrel. Meanwhile, expiring front-month Brent crude was trading 20 cents lower near $67 a barrel.
Trading was choppy as market participants tried to square bullish factors including U.S. inventory data, spot demand for crude in Asia and Middle East unrest with basic supply fundamentals.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.