WTI settled at a fresh 18-year low for a front-month contract Friday as near-term oversupply concerns prompted selling of prompt-dated contracts. NYMEX May WTI moved $1.60 lower to settle at $18.27/b, the lowest front-month settle since January 2002. ICE June Brent, in contrast, climbed 26 cents day on day to settle at $28.08/b. “Oil price volatility went into overdrive as contracts roll, reopening hopes in the US offered some relief for crude demand, but oversupply conditions persist as producers are forced to shut in output,” OANDA senior market analyst Edward Moya said in a note. “The consensus remains oversupply conditions will keep oil prices […]