WTI crude oil down $1.05 to $43.74 today
Oil slumped for the second day today as the US dollar roared ahead.
The decline was largely due to the strong US dollar and some jitters about the global economy but oversupply continues to loom in the background.
Reuters reported earlier today, citing a source, that Saudi production was 10.15 million barrels per day in April but that it could soon return to a near-record 10.5 mbpd.
In terms of US economic data, the API report is due at 4:30 pm ET (2030 GMT).