June 04, 2015, 08:07 / Finance / News

Brent fell to $63.73 per barrel

On June 4, oil prices decline after the publication of statistics on commercial oil reserves and production in the United States, reports Prime . At 7.25 Moscow time, July Brent futures fell by 0.11% to $63.73 per barrel. The price of July futures for WTI oil decreased by 0.1% to $59.58 per barrel.

According to the US Energy Information Administration, oil reserves in the country for the week ending May 29 fell by 1.9 million barrels, or 0.4%, to 477.4 million barrels. Analysts expected a decline of 1.7 million barrels. “The decline was slightly below market expectations, and inventories themselves remain 88 million barrels higher than last year, which should support price movements downward,” BNP Paribas analysts said in The Wall Street Journal.

According to Department of Energy statistics, oil production in the United States increased by 20,000 barrels of oil per day over the week to 9.586 million barrels per day. The figure, which exceeded the level of the previous week by 0.2%, was the highest since January 1983.

Investors continue to wait for the OPEC ministerial conference, which will be held on June 5. Some analysts expect the cartel will not cut production quotas.