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WTI settled down $2.22 at $56.59 and Brent fell $2.58 to $66.87 after US inventory data showed a smaller crude stock draw than expected. Domestic production rose further, already at record levels.
Both benchmarks reached their lowest settlements since March.
A rising supply picture from record US output and smaller-than-expected stock draws reduces tightness in the market and pressures crude prices lower.
marketwatch.comMyra P. Saefong,Rachel Koning BealsMay 30, 2019After 171 past bearish report events, WTI moved a median -1.5% over 5 sessions (37% higher; middle half -4.8% to +1.9%), and -0.9% over 20.
After 129 past bearish report events, BRENT moved a median -1.3% over 5 sessions (45% higher; middle half -3.9% to +2.5%), and +0.4% over 20.
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.
