Oil finishes at lowest levels of this month

Oil prices lost ground on Wednesday, with the U.S. benchmark slipping below $58 a barrel to its lowest settlement of the month as traders awaited weekly U.S. data that are expected to show a moderate decline in crude inventories.

Traders also looked for comments from key oil producers ahead of a scheduled meeting of the Organization of the Petroleum Exporting Countries slated for June 5 in Vienna.

July crude CLN5, +0.45%  settled at $57.51 a barrel, down 52 cents, or 0.9%, on the New York Mercantile Exchange. July Brent crude LCON5, +0.74%  on London’s ICE Futures exchange fell $1.66 cents, or 2.6%, to $62.06 a barrel.

The crude complex “is being pushed and prodded around by movements in the currency markets and mumblings, rumblings and rumors swirling” around OPEC ahead of its meeting next week, said Matt Smith, commodity analyst at Schneider Electric.

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