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Oil Settlements Take a Tumble on Tuesday

Crude oil futures settled lower Tuesday as concerns mound over further growth in U.S. production output, according to Bloomberg MarketWatch.

May West Texas Intermediate crude fell 24 cents, or 0.5%, to settle at $52.41 a barrel on the New York Mercantile Exchange.

June Brent crude, the global benchmark, fell by 47 cents, or 0.9%, to end trading at $54.89 a barrel on the London ICE Futures Exchange.

Shortly before the New York Mercantile Exchange settlement on Monday, a monthly report from the Energy Information Administration forecast output to rise 124,000 barrels a day in May to 5.193 million barrels a day for crude oil production in seven major U.S. shale oil plays.

The American Petroleum Institute will offer its weekly update on domestic petroleum supplies late Tuesday, while the Energy Information Administration’s data due out Wednesday.

Analysts polled by S&P Global Platts forecast a fall of 50,000 barrels for crude stockpiles.

Meanwhile, May natural gas fell 0.6% to settle at $3.145 per million British thermal units back on the New York Mercantile Exchange.