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Oil Retreats, Fundamentals Remain Mixed

May 30, 2016 at 11:57 by Vladimir Vyun

Prices for crude oil fell today as prospects for monetary tightening from the Federal Reserve were hurting riskier assets, including commodities. Additionally, experts predicted that Canadian oil sands production will rise this week.

Yet there were factors helping crude, like falling supply from the United States and China. US output fell to the lowest since September 2015. China’s production dropped 5.6% in April, and specialists predict that another decline is coming.

Traders wait for the meeting of the Organization of Petroleum Exporting Countries on June 2, which may have a significant impact on prices for crude. There were reports that Iraq is going to boost its exports ahead of the meeting, supplying 5 million extra barrels of crude in June.

Futures for delivery of WTI crude oil in June edged down 0.18% to $49.24 per barrel as of 11:49 GMT on NYMEX today. Contract for Brent crude dropped 0.34% to $49.15 per barrel on ICE.

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