Oil continues to fall in price by almost 1%

Global oil prices on June 8 morning continued to fall by almost 1 percent after rising 3-5 percent in the previous trading week, according to trading data, Report informs referring to Prime agency.

As of 9:04 (GMT+4), the price of August futures for the North Sea Brent oil blend decreased by 0.98 percent to $70.79 per barrel. The prices of July futures for WTI oil fell 0.91 percent to $68.60 per barrel.

On June 8 morning, oil prices continued to decline after last week Brent rose in price by 3.3 percent, and WTI - by 5 percent. Optimism in the oil market was boosted by rising demand and the outlook for economic recovery.

“It’s just a case of gains being too quick, there is some profit-taking now,” said Howie Lee, an economist at Oversea-Chinese Banking Corp. “I don’t put too much weight on the drop. The market is still headed in an upward trend.”

Investors are also awaiting the release of the US Energy Information Administration’s (EIA) monthly Short-Term Energy Outlook (STEO) later on June 8. In addition, on June 9, publication of statistics is expected on the weekly commercial oil reserves and crude production in the country, and on June 10 - the annual inflation in the US in May.