Deals
Oil Declines as June Contract Expires, Paring Weekly Rally
- WTI crude oil in New York climbs six of last seven weeks
- Falling U.S. output, wildfires in Canada prompt weekly gain
U.S. Oil Output Continues to Decline
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Oil fell as the expiration of the June contract in New York spurred selling by traders who don’t intend to take delivery of barrels next month.
West Texas Intermediate for June expired after falling 0.9 percent. Futures are still up for the week amid lower U.S. crude production and supply disruptions in Canada and Nigeria. U.S. crude output slid for a 10th week to the lowest since September 2014 as gasoline use climbed ahead of the summer-driving season, the Energy Information Administration said Wednesday.