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US light sweet crude futures for June delivery settled at $48.84 per barrel on May 1, down 49 cents, as falling gasoline prices and rising US production weighed on the market. Gasoline futures hit their lowest front-month settlement since late February.
Investors sold crude after gasoline stockpiles grew in late April.
Lower crude and gasoline futures reduce fuel and transport costs and weaken the energy-linked support for biofuel feedstocks. OPEC's decision on production cuts at its May 25 meeting is a key factor for the next move.
ogj.comPaula DittrickMay 2, 2017Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
