Oil Trades Near $48 After June Contract Expires in New York

Oil traded near $48 a barrel after the June contract dropped and expired in New York on Friday.

Futures for July delivery fell as much as 0.7 percent after West Texas Intermediate for June expired Friday, declining 0.9 percent. Futures were still up last week amid lower U.S. crude production and supply disruptions in Canada and Nigeria.

WTI was at $48.18 a barrel on the New York Mercantile Exchange, down 23 cents, at 9:09 a.m. Sydney time. Oil fell 41 cents to $47.75 on Friday. Total volume traded was about 67 percent below the 100-day average.

Brent was 16 cents lower at $48.56 a barrel on the London-based ICE Futures Europe exchange. The contract fell 0.2 percent to $48.72 on Friday. The global benchmark crude traded at a 36-cent premium to July WTI.

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