Oil falls in price

Global oil prices fell by more than 1% on May 12 morning as investors are evaluating data on US commercial oil reserves, Report informs.

July futures for Brent fell by 1.38% to $106 per barrel, and June futures for WTI dropped by 1.57% to $103.99.

On May 12 morning, oil prices are falling after a significant increase the day before. So, on May 11, the rise in oil price reached 5% against the backdrop of statistics on a decrease in its production in the US for a week, as well as a decrease in cases of coronavirus infection in China.

In addition, data on commercial oil reserves in the US contribute to the negative dynamics, which increased by 8.5 million barrels over the week to 424.2 million. Experts, on the contrary, expected a decrease in the index by 0.5 million barrels.