Oil falls further in anticipation of another increase in crude supplies in USA

02-May-13

Benchmark oil for June dropped by over a dollar to finish at US$93.4 per barrel on the Nymex, in anticipation of another increase in U.S. crude supplies. In total, oil prices have seen a loss of almost 4% in April. Brent crude fell to US$102.3 on the ICE Futures exchange in London. Oil was also impacted by weak US manufacturing data and downbeat European economic reports that raised fresh concerns about crude oil demand.