oil futures settled modestly lower on wednesday with us prices posting a loss for the first time in five sessions oil markets have priced in the initial shock of the announced opec production cuts but prices could continue higher “if demand surprises to the high side as we move into the summer however this is a massive if” said troy vincent senior market analyst at dtn “gasoline demand has recovered alongside consumer spending in the services sector in recent months but today’s disappointing us ism services pmi data suggest that the us consumer may be approaching their spending limits” may west texas intermediate crude clk23 fell 10 cents or 01 to settle at 8061 a barrel on the new york mercantile exchange