Oil prices reached three-and-a-half-year highs at the end of last month, only to fall in May, as US crude stocks and production increased. Atlantic basin benchmark North Sea Dated declined by $1.32/bl to $73.58/bl in the week to 3 May, after hitting $75.40/bl on 30 April. And US marker WTI ended the period at $68.43/bl, up by just 24c/bl. The threat of fresh sanctions on Iranian exports helped raise North Sea Dated prices by over $8/bl last month. But the rally came to an end in early May, after weekly data from US government agency the EIA showed a 6.2mn bl rise in US crude inventories, to 435mn bl. US output increased by 33,000 b/d, as shale drilling continued to climb. The US rig count rose for a fourth consecutive week, with producers looking to cash in on elevated prices.
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