Worries about excess oil supply and uncertain demand combined to push oil prices lower for a second straight session. Reports of rising output in both Iraq and Iran slowed the momentum that lifted oil prices to their highest level in 2016 last week. Iraqi exports reached a near-record 3.36 million barrels a day in April, estimating that Iran's output during the month reached 3.5 million barrels per day, the most since December 2011. US benchmark West Texas Intermediate for June delivery decreased to 44.78 US dollars a barrel. In London, Brent North Sea oil for delivery in July decreased to 45.83 US dollars a barrel.
News On AIR | May 3, 2016 7:07 AM
Oil prices fall further from 2016 peak