OIL Set for biggest monthly gain since 2009!
(Reuters) – Oil headed for the biggest monthly advance since May 2009 as U.S. crude production growth slowed and inventories declined at the nation’s largest storage hub.
Oil has rebounded from a six-year low in March as drillers cut the rig count to the fewest since 2010, adding to signs that the surplus glut of U.S. crude stockpiles is declining.
West Texas Intermediate for June delivery was at $59.70 a barrel in electronic trading on the New York Mercantile Exchange, up 7 cents, at 11:51 a.m. Sydney time. The contract gained $1.05 to $59.63 on Thursday. The volume of all futures traded was about 70 percent below the 100-day average. Prices are up 12 percent this year.
Brent for June settlement was 9 cents lower at $66.69 a barrel on the London-based ICE Futures Europe exchange. The contract rose 21 percent in April, also the most since May 2009. The European benchmark crude was at a premium of $6.99 to WTI, compared with $8.13 on April 24.
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