For the first time in a month, Brent crude traded lower than $100, while WIT declined speculations that stockpiles will increase after OPEC reserved it production target unchanged. Brent crude priced the most among other country oil, which was changed after dropping to 0.6% to $99.75 per barrel.
The Organization of Petroleum Exporting Countries kept its yield ceiling of 30 million barrels per day, according to reports from the meeting in Vienna in May. Crude inventories in the U.S, rose to 398 million barrels in a week in the month of May, according to government reports released on May 30.
Brent oil prices in the month of July stood at $100.26 per barrel. While UK’s ICE Futures Europe exchange at 1.09pm, which later dropped to a low 64 cents to trade below $100. Last week prices dropped by 2.3 percent and 1.6 percent in the month of May.
The Organization of Petroleum Exporting Countries’ production has varied from 30.6 million to 32.4 million barrels per day since the target introduced in 2011, according to the data taken from Bloom berg.
According to data released from the Energy Information Administration, crude in the U.S. increased by 34,000 barrels to 7.29 million per day in a week ended May 24.
According to reports from the commodity futures trading commission, hedge funds reduced bullish WTI crude stakes by the most in six weeks. Money managers cut net-long wagers on higher prices by approximately 6.2 percent ended May 28.
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