Oil prices declining

Global oil prices are declining on June 4 morning after rising by an average of 3 percent over the previous three trading sessions, according to trading data, Report informs referring to Prime agency.

As of 8:20 a.m. (GMT+4), the price of August futures for the North Sea Brent oil blend decreased by 0.13 percent - to $71.22 per barrel, and the price of July futures for WTI oil grew by 0.07 percent, to $68.76 a barrel.

The decline in prices for crude is constrained by statistics from the US Department of Energy. Investors estimate the statistics on commercial oil reserves in the country (excluding the strategic reserve) for the week ended May 28, which fell by 1 percent, or 5.1 million barrels, to 479.3 million barrels. Analysts had expected a decline of only 2.4 million barrels. In addition, the country’s strategic oil reserve fell by 0.6 million barrels, or 0.1 percent, to 627.8 million barrels.

Against this background, there are expectations that OPEC+ will continue to increase oil production gradually. In particular, Gazprom Neft CEO Alexander Dyukov said on June 3 at the St. Petersburg International Economic Forum that he considers such a decision quite possible in July.