Data that reportedly show a significant weekly rise in stockpiles at the Cushing, Okla. storage hub, rising output from major oil producers, and some downbeat U.S. economic figures that hinted at the potential for weaker energy demand combined to pressure prices Monday.
June West Texas Intermediate crude CLM6, +0.67% traded at $44.88 a barrel, down $1.04, or 2.3%, on the New York Mercantile Exchange. Prices settled Friday with a gain of roughly 19.8% for the month of April.
July Brent crude LCON6, +0.83% on London’s ICE Futures exchange fell $1.18, or 2.5%, to $46.19 a barrel.
Traders on Twitter said that energy data provider Genscape on Monday reported a weekly climb in crude stockpiles of more than 800,000 barrels at Cushing. Phil Flynn, senior market analyst at Price Futures Group, suggested that the rise may be due to the recent flooding in parts of Texas.
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