Crude Oil Futures Decline

Crude oil fell after OPEC lowered its forecast for world demand amid signs that surging U.S. supplies are sufficient to make up for a possible disruption.

“The fear that demand would accelerate later this year is fading,” said Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts. “There will come a point when there will be a shortage of storage. We are getting closer to the point where you can’t ignore the fundamentals, and we’ll then see prices fall below $60.”

bloomberg