Light, sweet oil for July delivery dropped to settle below $53/bbl on the New York market June 3 while the Brent contract for July dropped to under $67/bbl in London. Oil prices continued falling in early trading June 4 on concerns about slowing oil demand. “Slowing economic activity now threatens to derail our base case of robust cyclical [oil] demand growth,” Bank of America Merrill Lynch analysts said in a research note.

Source: News