Supply and demand continues to perplex the energy industry as crude oil futures slid lower on Monday, according to Bloomberg MarketWatch.
July West Texas Intermediate crude fell by 33 cents, or 0.7%, to end trading on the New York Mercantile Exchange at $48.08 a barrel.
On London’s ICE Futures Exchange, July Brent crude, the global benchmark, declined by 37 cents, or 0.8%, to settle at $48.35 a barrel.
With the next OPEC meeting scheduled for Vienna on June 2, traders are now examining changes in supply inventories, worldwide production and global energy policies which will have a profound effect for the next months.
Current expectations are very low for any change in policy or production, said Stuart Ive, a client manager at OM Financial.
In other news, June natural gas lost a penny to close at $2.055 per million British thermal units.
