Economics
Oil Producers’ Sale of Future Output Puts a Lid on Price Gains
What's Putting the Brakes on Oil's Rally?
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Oil producers are taking advantage of the biggest monthly price increase since 2009 to sell more of their future output, threatening to slow the rally.
New York-traded crude for next-month delivery gained 25 percent in April on signs a record drop in drilling rigs is starting to reduce production, easing the biggest U.S. oil glut in 85 years. December 2016 contracts were up just 8.7 percent in that period.