NYMEX June light sweet crude oil futures settled down $0.96 at $94.21 per barrel, after trading in a $94.18 to $95.66 range.
A break of recent lows ($93.37 May 10) or highs ($97.17 May 6) will be needed for any kind of momentum to mount. The International Energy Agency (IEA) released its annual Medium Term Oil Market Report Tuesday, noting that "the supply shock created by a surge in North American oil production will be as transformative to the market over the next five years as the rising of Chinese demand over the last 15 years " has been. The stepped up production "will not only cause oil companies to overhaul their global investment strategies, but also reshape the way oil is transported, stored and refined," the report said
Market News International