West TX Oil Near $59 on Ample Supply

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.


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