Oil prices end slightly lower on profit-taking after solid gains

The US oil surged about 20% in April, the largest monthly gain in a year, helped by a weaker US dollar and reduced US crude output.

The rising oil production from the Organisation of Petroleum Exporting Countries (OPEC) members also weighed on investor sentiment. Image Source: Reuters

Oil prices ended slightly lower on profit-taking after recent solid gains.

The West Texas Intermediate (WTI) for June delivery on Friday fell 11 cents to settle at $45.92 a barrel on the New York Mercantile Exchange while Brent crude for June delivery decreased 1 cent to close at $48.13 a barrel on the London ICE Futures Exchange, Xinhua news agency reported.

The US oil surged about 20% in April, the largest monthly gain in a year, helped by a weaker US dollar and reduced US crude output. Traders were looking for excuses to lock in profit after recent solid gains.

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The rising oil production from the Organisation of Petroleum Exporting Countries (OPEC) members also weighed on investor sentiment. A Bloomberg survey showed that the OPEC boosted output by 484,000 barrels to 33,217 million a day in April.

Meanwhile, the active US rigs count of this week fell by 11 to 332, continuing losses into a sixth week, oilfield services company Baker Hughes said on Friday.

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oil prices Markets West Texas Intermediate (WTI)Brent Crude US US Dollar Organisation of Petroleum Exporting Countries (OPEC)New York Mercantile Exchange London ICE Futures Exchange