Oil continues to decline in Asia

Pump jacks are seen in the Midway Sunset oilfield, California, in this April 29, 2013 file photo. REUTERS/Lucy Nicholson

UNITED STATES (VOP TODAY NEWS) — Oil prices continue to fall in Asia on Friday, weighed down by US inventories as investors try to assess the impact of US sanctions on Iran and the crisis in Venezuela.

US crude for June delivery fell 12 cents to $ 61.69 in electronic exchanges in Asia.

Brent North Sea oil, the European delivery for July, fell 27 cents to $ 70.48.

US crude oil inventories rose 9.9 million barrels last week, while production reached a record 12.3 million bpd, according to figures released by the US Energy Information Agency on Wednesday.

The increase in US energy stocks is always explained by the decline in demand in the world’s first economy, which negatively affects prices.

But Benjamin Lo, an analyst at the Phillips Ventures Group in Singapore, said the price “seems to be supported by quotas to curb the production of OPEC and its partners and US sanctions on Iran and Venezuela.”

London Brent crude <LCOc1> closed at $ 70.75 on Thursday, down $ 1.43.

In New York, the price of a barrel of light oil at 61.81 dollars, a decline of $ 1.79.

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