Plus   Neg

Crude Oil Eases From 3-year High After OPEC Report

Crude oil futures were lower Thursday morning after OPEC said it expects the U.S. shale boom to continue.

The cartel also sees demand on the rise, however.

"Looking forward, a healthy global economic forecast for 2018, positive car sales data in recent months, stronger 2018 yea-on-year U.S. product consumption in January and potentially tighter global product markets are expected to boost gasoline and distillates demand ...," OPEC said.

WTI light sweet oil was down 40 cents at $66.42 a barrel, easing from a 3-year peak.

Prices rallied in April due to tensions in the Middle East and OPEC compliance with its supply quota plan.

For comments and feedback contact: editorial@rttnews.com

Market Analysis

Follow RTT