Oil dropped back below $15 a barrel as swelling global crude stockpiles made it more difficult for leading producers to balance the market by curbing output.
WTI for June delivery lost $2.56 to $14.38 a barrel on the New York Mercantile Exchange as of 7:51 a.m. London time. The contract rose 2.7% on Friday, trimming the weekly decline to 32%. Brent for June settlement lost $1.31 to $20.13 after falling 24% last week, Bloomberg reported.
Dated Brent, a reference for nearly two-thirds of the world’s physical oil flows, declined to $16.01 a barrel on Friday, compared with $16.30 the day before, according to traders monitoring prices on S&P Global Platts.55
WTI price slides back below $15
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