Oil prices fall as concerns about supply cuts subside

Oil on May 24 morning is getting cheaper amid a decline in worries about the reduction of its supply in the market, Report informs referring to the auction data.

The price of August futures for Brent crude fell by 0.67% to $110.04 per barrel, while June futures for WTI fell by 0.61% to $109.62.

The weakening of investors’ fears about the reduction in the oil supply against the backdrop of an embargo on Russian oil contributes to a decrease in its value on May 24 morning.

The Wall Street Journal, according to analysts, reports that the proposed EU ban on Russian oil looks increasingly unlikely.

In addition, oil prices are affected by the strengthening of the dollar, the index of which (the exchange rate against a basket of six currencies of US trading partners) is growing by 0.15%, to 102.22 points. Thus, oil, just like other commodities, contracts for which are calculated in dollars, becomes less accessible to holders of other foreign currencies.