NEW YORK, April 18 (UPI) -- Crude values remained soft Monday on further indications OPEC will keep the oil flowing into the world market.
May crude settled 12 cents lower on the New York Mercantile Exchange at $50.37 per barrel after dipping into $49 territory earlier in the day.
Crude was trading at record highs above $58 per barrel just two weeks ago.
The slump came on the heels of statements from a top OPEC official that the membership was prepared to boost output by a respectable 500,000 barrels per day in the near future in order to offset rising demand. The increase would have to be authorized formally by the entire 10-nation organization.
The news sent May Brent crude down 83 cents to $50.78 per barrel in London.
May NYMEX gasoline gained more than a penny to $1.494 per gallon while heating oil dipped 1.76 cents to $1.442 per gallon.
