Crude oil prices continued to soar Monday, hitting their highest in 2016 amid signs that output from the U.S. is slowing.
With lower than usual prices making the oil industry more cuatious, the Energy Information Administration sees U.S. shale oil output falling by 106,000 barrels a day in April.
Still, US storage facilities are currently brimming with a record amount of oil inventories.
April WTI oil climbed $1.98, or 5.5%, to settle at $37.90/bbl. Prices have skyrocketed more than 35% since oil touched a 13-year low near $26.
The material has been provided by InstaForex Company – www.instaforex.com