Futures slid as much as 0.5 percent in New York. Oil supply from OPEC and U.S. shale drillers is set to expand later this year, preventing further price increases, hedge fund manager Pierre Andurand said. Crude stockpiles in the U.S. are more than 100 million barrels above the five-year average for this time of the year and near the highest level since 1930, government data show.
Oil has rebounded from a six-year low in March amid signs U.S. output is slowing as drillers reduce the number of active rigs to the fewest since 2010. Oil prices are set to slide as their rally to the highest level this year threatens to prolong the global glut, according to Goldman Sachs Group Inc.
West Texas Intermediate for June delivery fell as much as 27 cents to $59.61 a barrel in electronic trading on the New York Mercantile Exchange, and was at $59.63 at 9:55 a.m. Seoul time. The contract fell 62 cents to $59.88 Thursday. Prices are up 0.5 percent this week and have climbed 12 percent in 2015.
Brent for July settlement was 13 cents lower at $66.57 a barrel on the London-based ICE Futures Europe exchange. The June contract expired on Thursday after dropping 22 cents, or 0.3 percent, to $66.59. Front-month prices are up 1.8 percent this week.
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