Oil falls in price on expectations around OPEC+

Global oil prices showed a decline on May 26 morning, as the markets are evaluating the prospects for OPEC+ policy after Russia’s statements, Report informs referring to the auction data.

The price of July futures for Brent crude fell by 0.31% to $76.02 per barrel, July futures for WTI decreased by 0.11% to $71.75. A day earlier, quotes fell by 2.7% and 3.4%, respectively, and before that they had been growing for three trading sessions in a row.

Russian Deputy Prime Minister Alexander Novak voiced the opinion that no new steps would be taken at the in-person OPEC+ meeting on June 4. He explained this by the fact that just a month ago, some countries decided to voluntarily cut oil production due to the slow pace of global economic recovery.