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Oil Moves Lower with New Month

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Oil futures settled with a loss on Monday, with prices pulling back after a nearly 20% climb in April. Data from Genscape reportedly showed a hefty weekly rise in crude stockpiles at the Cushing, Okla. storage hub and recent media surveys revealed a rise in monthly output from the Organization of the Petroleum Exporting Countries. June WTI crude fell $1.14, or 2.5%, to settle at $44.78 a barrel on the New York Mercantile Exchange.