Crude oil fell on Monday in quiet trading after the three-day Easter break on signs the United States is continuing to add output, undermining OPEC efforts to support prices, and as the market digested North Korea's failed missile launch on Sunday.
The gasoline inventory rose by 1.4 million barrels as refinery runs increased by 334,000bpd in the US.
U.S. West Texas Intermediate (WTI) crude futures were down 47 cents at $52.71 a barrel, after rising 7 cents to $53.18 on Thursday.
There were positive comments from OPEC secretary-general Barkindo that the group was committed to restring market stability by bringing inventories down to the five-year average.
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Tiafoe, we're less than convinced that " it can't be that good ". "I can still hear it", the announcer crowed. The 7 p.m. match Tuesday put Frances Tiafoe against Mitchell Krueger at James T.
OPEC is due to meet on May 25 to weigh an extension of output cuts beyond June to alleviate a glut that has depressed prices for almost three years.
Kilduff also noted that USA daily production increased to 9.25 million barrels per day.
That surprise build in gasoline, along with an increase in USA production, pressured prices. Oil prices will increase as demand improves, chipping away at oil inventories in the second half, he said.
The continued growth in USA production and the rise in stockpiles forced the market to respond bearishly based on the increased inventory outlook.
Brent crude futures were at Dollars 54.92 per barrel at 0741 GMT, close to its last close. The Organization of the Petroleum Exporting Countries, which includes major oil producers like Saudi Arabia, Iran and Venezuela, agreed past year to curb output and help stabilize prices. Andrew Lipow, president of Lipow Oil Associates in Houston, said some in the market were concerned about the rapid recovery in shale production.
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McGinn also pledged to support a city-wide income tax this year, though he's certain it would immediately be challenged in court. The city should first "thoroughly review our budget" for possible savings.
Futures fell as much as 1 percent in NY.
More barrels could be on their way to market from United States shale fields as financial companies were investing billions in production, a Reuters analysis showed.
Recently, OPEC members, including Saudi Arabia, have expressed a desire to extend the global deal to cut oil supply for an additional six months beyond June.
The OPEC chief did not take a position on whether oil ministers from participating countries would extend the cuts when they meet in Vienna next month.
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Israeli officials are refusing to negotiate with hunger striking Palestinian prisoners, now on day 2 of their protest . Public Security Minister Gilad Erdan said the strike is politically motivated and prisoners are treated well.