Crude oil prices retreated from early gains Tuesday amid market uncertainty following delays in the release of a monthly market report from OPEC.
Oil prices pulled back from an early May rally as traders awaited reports on whether the world economy was pushing markets toward the demand side. Oil prices fell by more than half their June highs above $100 per barrel in early 2014 as crude oil continued to build up in storage as the global economy failed to gain traction.
A survey last week from Platts showed the Organization of Petroleum Exporting Countries increased production in April by 210,000 barrels per day to 30.9 million bpd. Tacit OPEC leader Saudi Arabia, which saw an increase in production, said last month it was ready to meet any growth in demand from Asian economies, notably China.
Platts reported OPEC ministers in June will consider production limits, though there are no signs the 12-member group will adjust its policies. OPEC 's November decision to keep production steady pushed crude oil prices lower even as supplies far outweighed demand.
Brent crude oil, the global benchmark price, was off less than a percent in early Tuesday trading to $65.44, but 1 percent less than at the start of May. West Texas Intermediate, the U.S. standard, was up about 34 cents to $59.62 per barrel. WTI at one point early Tuesday was up more than $1.
OPEC by the opening bell on Wall St. had yet to issue its monthly market report from May. The report is expected to be published about five hours later than usual.
In a rare statement, the group issued a strong retort to a Monday publication from The Wall Street Journal, which cited unnamed sources as saying OPEC expected crude oil prices to stay below the $100 mark through the middle of the next decade.
"Not only does the article contain numerous inaccuracies but much of the referenced material is not mentioned by any document that the OPEC secretariat is currently developing in collaboration with its member countries," it said.
