Crude oil futures prices declined Monday as OPEC’s president indicated the group was prepared to keep the market well supplied.
Light, sweet crude for June delivery on the New York Mercantile Exchange fell as low as $47.94 a barrel before rebounding a bit to trade down 55 cents at $48.12 by afternoon in Europe. Heating oil prices fell more than a cent to $1.3565 a gallon, while unleaded gas fell nearly 2 cents to $1.3926 a gallon. On London’s International Petroleum Exchange, June Brent crude futures fell 65 cents to $48.01 per barrel.
