Oil falls in price slightly amid decision of OPEC+ to increase production

Global oil prices fell slightly on June 3 morning, remaining above $117 per barrel, Report informs referring to the auction data.

On June 2, oil rose in price after the OPEC+ decision to increase oil production, but now investors and speculators are largely rethinking the consequences of this decision, according to trading data and analyst comments.

Thus, the price of August futures for Brent crude fell by 0.34%, to $117.21 per barrel, July futures for WTI fell in price by 0.49%, to $116.3 per barrel.

On June 1, oil rose in price after the OPEC+ countries decided in July and August to increase oil production more intensively: instead of the planned monthly increase of 432,000 barrels per day, there will be 648,000 barrels per day.

OPEC+ explained its decision by the need to meet the growing demand for oil in the world, and not by a decrease in production in Russia due to Western sanctions.