Oil futures settled narrowly lower on Wednesday, recouping most of their earlier losses after news reports said that members of the Organization of the Petroleum Exporting Countries may consider placing a ceiling on crude production.The news comes ahead of Thursday’s biannual OPEC meeting. The market also awaits weekly U.S. government data on petroleum supplies, also due Thursday.
July West Texas Intermediate crude CLN6, -0.18% settled at $49.01 a barrel, down 9 cents, or 0.2%, on the New York Mercantile Exchange, trading off the session’s low of $47.75. Prices fell 0.5% on Tuesday, but ended the month of May with a gain of 6.9%. August Brent crude LCOQ6, +0.08% on London’s ICE Futures exchange fell 17 cents, or 0.3%, to $49.72 a barrel.
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