Oil fell in a day of wild price swings as investors weighed supply-and-demand fundamentals against Saudi Arabia’s global price hike.
Futures in New York dropped 1.8% May 7. State-run Saudi Aramco raised prices on almost all grades for June, sending futures surging. But the market remains glutted after the kingdom exported record amounts of crude in April. The level of excess global supply averaged 21.3 million barrels a day last month, according to Standard Chartered Plc analysts.