Oil prices dip from six month highs on reports of mounting supplies

Crude oil for June delivery has dipped to US$57.95 on the New York Mercantile Exchange, while Brent crude for June settlement fell to US$57.60 on London’s ICE Futures Europe exchange. On the last day of the previous week, oil prices spiked to six month highs to US$58.63, as slowing job losses in the US increased investor confidence and falling greenback improved the appeal of commodity investments. The euro has surged to a six-week high against the dollar as the gains in global equities has increased investors’ risk appetite. However, crude oil fell from a six-month high on speculation of increases in global output. Exports from Iraq’s Kurdistan region have been reported to begin June 1 after the state oil ministry agreed to “expedite” shipments. Venezuela, OPEC’s fifth-largest producer, seized the assets of 60 oil-field service companies on May 8 to restore operations shut over contract disputes. OPEC plans to review its output levels on May 28.
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