Oil prices fall slightly

13:00 | 09.06.2023
Oil prices fall slightly

Oil prices fall slightly

Global oil prices fell on June 9 morning by about 0.6%, while markets continue to assess the OPEC+ decision on production cuts, reported from the auction data.

The price of August futures for Brent crude fell by 0.61% to $75.5 per barrel, July futures for WTI fell in price by 0.65% to $70.83.

Markets continue to assess the situation around OPEC+ production. As a result of the meeting on June 4, the OPEC+ alliance announced the extension of its deal until 2024 and a decrease in the overall target level of oil production by 1.4 million barrels per day from next year.

The fall in oil prices after the OPEC+ meeting likely reflects concerns about global growth in oil demand, said Vivek Dhar, director of mining and energy commodities research at Commonwealth Bank of Australia, Bloomberg reported.

Also, on June 9, US oilfield service company Baker Hughes will publish data on the number of operating oil rigs in the US for the week ending May 9. Over the past week, their number has decreased by 5, to 570 units.

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