Oil prices turn to losses, WTI down over 1%

Tuesday, 20. April 2021 17:12

Crude benchmarks turned to losses on Tuesday after climbing earlier in the session on lower output from Libya. The volatility in oil markets comes as both Brent contracts for June and West Texas Intermediate contracts for May approached their expiration dates. West Texas Intermediate May contracts are set to expire today with traders rolling over contracts to the June contract.

Meanwhile, the House Judiciary Committee in the US Congress passed a bill that would open the Organization of the Petroleum Exporting Countries (OPEC) to lawsuits over colluding to ramp up oil prices.

Brent crude futures for June delivery dropped 0.88% to $66.46 per barrel at 10:45 am ET. At the same time, West Texas Intermediate for May delivery was down 1.25% to $62.64 per barrel.

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Author:
Breaking the News / JC