Oil deepens losses, but Brent records monthly gains

Oil drilling rigs

Oil prices deepened their losses today, April 30, as geopolitical risks in the Middle East abated, dollar rose and American supplies strengthened.

Brent crude for June delivery (which expired today) fell 0.6%, or 54 cents, to $87.86 per barrel. The global benchmark gained 0.4% in April, marking fourth consecutive monthly rise.

Contracts for July delivery (the most active) fell 1%, or 87 cents, to $86.33.

WTI crude futures for June delivery fell 0.9%, or 70 cents, to $81.93 per barrel, recording losses of 1.5%.

The dollar index, which measures its value against a basket of six major currencies, rose by 0.65% to 106.25 points, at 10:29 pm Makkah time.

The Energy Information Administration said that US crude production rose to 13.15 million barrels per day in February from 12.58 million barrels per day in January.

This was the largest monthly increase since October 2021. Meanwhile, exports rose to 4.66 million barrels per day from 4.05 million barrels per day in the same period.