Crude Decline On Concern Over OPEC’s Production Cut

Crude oil futures declined on Tuesday as the floor trading resumed after a long weekend, and as investors continued to question whether OPEC and its allies’ agreement to only extend, but not deepen, production cuts would reduce excess supply. Traders shrugged off incoming economic data, instead looking toward upcoming U.S. inventories data that will roll out over the next few days. Oil inventories data will be delayed a day due to the Memorial Day holiday.

Benchmark crude oil futures for July delivery declined by $0.14 or 0.3 percent to $49.66 on the New York Mercantile Exchange. In London, Brent crude for July delivery ended down by $0.25 to $52.28 on the ICE. For More Information About Commodity Trading Tips Please Visit  : www.paceresearchindia.com and Call : 8817774774