Oil eases off one-month high on surprise U.S. crude build quoting : "Nasdaq Stock Market"

Oil futures retreated Monday, giving back some of last week's gains as Libya's largest oil field resumed production and traders continued to eye the commitment of major oil producers to an agreement to limit production. June Brent crude LCOM7, -0.20% the global benchmark, fell 41 cents, or 0.8%, to settle at $53.12 a barrel on London's ICE Futures exchange. But "stubbornly high global oil and fuel inventories" and an 11th consecutive rise in the Baker Hughes U.S. weekly oil rig count on Friday "appeared to have derailed, albeit temporarily" the recent rally. Libya pushed production back toward 700,000 barrels a day over the weekend as its Sharara oil field came back online, according to reports. May natural gas NGK17, +0.59% fell 6.2 cents, or 1.9%, to $3.128 per million British thermal units.


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"We expect Brent oil prices to rise above $60 a barrel in three months," Staunovo said. "We believe the implemented production cuts will trigger a material drawdown in OECD oil inventories and thus higher crude oil prices," Staunovo said, referring to the Organisation for Economic Co-operation and Development. U.S. West Texas Intermediate crude , meanwhile, gained 79 cents, or 1.6 percent, to settle at $51.03 per barrel. [nL5N1HC3ZC] Meanwhile, U.S. crude stocks fell by more than expected last week, dropping by 1.8 million barrels compared with analysts' expectations of a 435,000 barrel decline, according to data released late Tuesday from the American Petroleum Institute. Brent futures rose $1.05, or 2 percent to settle at $54.17 a barrel.


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