MarketWatch: oil prices slip, on track for April losses

PanARMENIAN.Net - Benchmark U.S. crude-oil futures fell in electronic trade Tuesday, April 30 stepping back from their strongest settlement in nearly three weeks and remaining on track to post losses for the month, MarketWatch reports.

Crude oil for June delivery CLM3 -0.31% slipped 13 cents, or 0.1%, to $94.37 a barrel during Asian trading hours.

The contract on Monday rose $1.50, or 1.6%, to close at $94.50 a barrel, the highest settlement for a most-active contract since April 10, according to FactSet data.

The push above the $94-level came amid expectations for a fresh dose of global economic stimulus, with anticipation that the European Central Bank will cut interest rates on Thursday. The U.S. Federal Reserve on Wednesday is expected to say it will continue its bond-buying program.

Concerns about energy demand cut into prices for oil this month, which were poised to fall nearly 3% for April. This week, investors will seek demand-outlook clues from the U.S. jobs report for April, due Friday, as well as from manufacturing data from China in the middle of the week.

Meanwhile, the June contract for London-traded benchmark Brent crude UK:LCOM3 -0.35% UK:LCOM3 -0.35% fell 20 cents, or 0.2%, to $103.61 a barrel on Tuesday.

June natural-gas futures NGM13 -0.55% dipped 2 cents, or 0.5%, to $4.37 per million British thermal units, slightly denting their 4% jump on Monday.

May gasoline futures RBK3 -0.04% lost less than 1 cent, or 0.1%, to $2.824 a gallon. May heating oil HOK3 -0.20% also shed less than 1 cent, or 0.1%, to $2.898 a gallon. The May gasoline and heating-oil contracts expire at the close of Tuesday’s Nymex session.