Oil has its worst day since March

A pump jack used to help lift crude oil from a well in South Texas’ Eagle Ford Shale formation stands idle in Dewitt County Texas

Diesel futures contracts for May delivery fell 2.5% to $1.58 per gallon on April 19, 2017.

OPEC members Saudi Arabia and Kuwait signalled that the Organization of the Petroleum Exporting Countries and other producers, including Russian Federation, would likely extend their oil output cut beyond June. Explorers in the nation have added rigs for the past 13 weeks, data from Baker Hughes Inc. show.

The Organization of Petroleum Exporting Countries said in a report a day earlier that inventories shrank in developed nations during the first quarter, while forecasting that rivals in the USA shale industry will boost output.

Earlier this month, Russia's Deputy Prime Ministers Arkady Dvorkovich acknowledged the effect of the deal sealed with OPEC hadn't delivered as much as Russian authorities expected.

"A draw in crude oil inventory was ultimately washed by a surprise build in gasoline", said John Macaluso, an analyst at Tyche Capital Advisors. "So far we have not seen huge fluctuation in the price, which is a good thing", he said.

Iran was allowed to increase its output under the deal as the nation rebuilds from Global sanctions that pressured its energy industry.

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West Texas Intermediate for May delivery fell 25 cents to $52.40 a barrel at 9:16 a.m. on the New York Mercantile Exchange. Brent touched $54.76 intraday, its lowest since April 7. Total volume traded was about 30 percent above the 100-day average.

Brent crude futures dipped 18 cents at US$54.71 a barrel as of 11:16 a.m. ET, while USA crude futures lost 19 cents to US$52.22 a barrel.

US gasoline stocks posted a counter-seasonal build of 1.5 million barrels, because of rising refining activity.

The Energy Minister of the United Arab Emirates said he saw healthy oil demand growth this year and believed inventories would fall, but it would take more time to rebalance the market. While global supplies are rising because of refinery maintenance, the market is rebalancing, he said.

"Oil producers would need to extend the historic agreement to curb global overspply through and until the end of 2017 for oil prices to surge", CNBC reported, citing the bank's report, "amid concerns Russian Federation is lagging behind on its pledged production cuts". Goldman Sachs has also made similar comments, saying ample inventories that have undermined the output cuts are set to shrink and calling for more patience from the market.

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