Oil Dips, U.S. Output Continues To Rise – 30 April, 2019

Many factors including a political crisis in Venezuela and U.S. sanctions on Iran caused tension in the market as oil prices dipped on U.S. crude data and reports of a rise in inventories. Brent crude futures dropped 41 cents or 0.6 percent to $71.65 per barrel, while U.S. West Texas Intermediate crude futures fell 51 cents or 0.8 percent to $63.49 per barrel. In the last week of April, U.S. stock rose 6.8 million barrels, up from the previous weeks 3.1 million barrels, to 466.4 million barrels. OPEC is scheduled to meet in June to discuss production, but Saudi Arabia has said it has no plans to raise output to balance Iran’s shortfall.