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Crude Oil Slides From 3-year Peak

WASHINGTON (Alliance News) - Crude oil prices fell Monday amid the release of the government's ...

Alliance News 16 April, 2018 | 7:37PM
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WASHINGTON (Alliance News) - Crude oil prices fell Monday amid the release of the government's monthly oil production report.

Crude-oil production from the shale sector is expected to rise by 125,000 barrels a day in May to 6.996 million barrels a day, according to a report from the Energy Information Administration. That's due in large part to the continued US shale boom in the Permian basin.

June WTI oil settled at USD66.22/bbl on Nymex, down USD1.17, or 1.7%. Prices tumbled from a 3-year peak reached last week. In economic news, retail sales in the US increased by more than anticipated, up 0.6% in March after edging down by 0.1% in February. Economists had expected retail sales to rise by 0.4%.

A report released by the Federal Reserve Bank of New York on Monday showed a notably slower pace of growth in New York manufacturing activity in the month of April.

The New York Fed said its general business conditions index fell to 15.8 in April from 22.5 in March, although a positive reading still indicates growth in regional manufacturing activity. Economists had expected the index to drop to 18.6.

Copyright RTT News/dpa-AFX

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