NYMEX-traded WTI (West Texas Intermediate) crude oil for June delivery prices declined by 0.80% and settled at $59.15 per barrel on Friday, May 1, 2015. Oil prices dropped due to the exports from Iraq hitting record levels. This added to the oil glut market. The benchmark following ETFs like the United States Oil Fund LP (USO) and the ProShares Ultra DJ-UBS Crude Oil (UCO) mirrored WTI oil price movements. USO and UCO dropped marginally by 0.54% and 0.51%, respectively, on Friday. Iraq’s crude oil export hit a three-decade high in April 2015.
Oil prices edged down on Thursday amid a lack of any clear resolution to U.S.-China trade talks and official data that again indicated vast fuel stocks in the United States.
Global financial markets had surged on hopes that Washington and Beijing may soon end their dispute and avert an all-out trade war between the two biggest economies.
Some of the positive feeling ebbed on Thursday, however, a day after negotiations wrapped up with mildly positive statements from both sides but few details.
more at: https://www.reuters.com/article/us-global-oil/oil-drops-1-percent-on-u-s-china-trade-talks-american-supply-surge-idUSKCN1P401R