Oil Prices Suffer Back-to-back Declines

By Myra P. SaefongMarketsMarketWatch Pulse

Oil prices dropped Tuesday, with a survey showing lower April output-cut compliance among members of the Organization of the Petroleum Exporting Countries, as well as rising production in Libya and the U.S. June WTI crude fell $1.18, or 2.4%, to settle at $47.66 a barrel on the New York Mercantile Exchange. That was the lowest for a most-active contract since Nov. 29, according to FactSet data. But based on the front-month contracts, it was the lowest finish since March 21, according to data from Dow Jones.

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