US unemployment to likely top 20 million in April Product futures slide as demand declines US crude production slide accelerates, backstopping prices Oil futures settled lower Wednesday as renewed demand pessimism prompted profit taking. NYMEX June WTI settled down 57 cents at $23.99/b and ICE July Brent was down $1.25/b on the day at $29.72/b. An overnight price rally faded ahead of the start of US trading after payroll processor ADP released advance data showing the US economy shed 20.2 million jobs in April. Official US employment data for the month is slated for release Friday. “Oil’s nice rally is over,” OANDA senior market analyst Edward Moya said. “The energy markets are not quite balanced and deeper curtailment efforts will be needed over the next few weeks.” WTI futures had settled at a one-month high $24.56/b on Tuesday, after a five-session up streak that saw the front month […]