Oil prices decline

Global oil prices dropped on May 17 morning after a noticeable increase in the trading a day earlier, Report informs.

The price of July futures for Brent crude fell by 0.32% to $113.87 per barrel, July futures for WTI fell in price by 0.34% to $111.44.

On May 16 evening, the price of Brent oil rose above $115 a barrel for the first time since March 28.

Pressure on oil prices is exerted by the forecast of the Energy Information Administration (EIA) of the US Department of Energy, according to which oil production in the main oil and gas producing regions of the country in June will rise by 142,000 barrels per day compared to the current month.