Oil prices decline

Global oil prices fell on June 29 morning after rising over the previous three days, reported from the auction data.

The price of September futures for Brent crude fell by 0.76% to $112.93 per barrel, August futures for WTI fell by 0.66% to $111.02.

On June 29 morning, the price of oil is falling after a three-day increase. So, for three days, Brent oil rose in price by 7.04%, WTI - by 7.02%.

The rise in oil prices was related to a number of reasons. One of the most obvious is the announcement by the G7 countries that they are going to consider a comprehensive ban on services for the transportation of Russian oil and oil products by sea, if the raw materials are not purchased at a price that must be agreed upon in consultation with international partners, or below. Also, prices were affected by the statement of French President Emmanuel Macron that the UAE and Saudi Arabia can hardly increase oil production.

In addition, the American Petroleum Institute (API) reported that commercial oil inventories in the US for the week to June 24 decreased by 3.8 million barrels, analysts had forecast a decrease of only 0.1 million barrels.

Investors also expect the US Department of Energy to publish on June 29 evening weekly statistics on oil inventories, which were not published last week due to a technical glitch. Analysts believe that in the week to June 17, commercial oil reserves in the country decreased by 3.7 million barrels, and in the week to June 24 - by 0.5 million barrels.

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