Oil prices fall amid expectations of reduced demand

Global oil prices began to decline on May 16 morning after the release of macroeconomic statistics in China, indicating a possible decrease in demand for raw materials, Report informs.

Brent's July futures fell by 1.7%, to $109.65 per barrel, and July futures for WTI dropped 1.5%, to $107.

Prior to the publication of Chinese statistics, oil prices for both brands rose by about 0.7% on optimism about the summer demand for crude.

“The busy travel season of June, July and August would likely boost demand significantly as the need for road and jet fuel accelerates,” the Wall Street Journal reported, citing analysts.