Oil prices tend to decline in Asia

Oil
File Reuters

UNITED STATES (VOP TODAY NEWS) — Oil prices are likely to fall in Asia on Thursday after a surge in US crude stocks has helped ease the impact of tougher US sanctions on Iran and the crisis in Venezuela.

US crude for June delivery fell 19 cents to $ 63.41 a barrel in electronic exchanges in Asia.

Brent North Sea oil, the European delivery for July, fell 27 cents to $ 71.91.

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 experts say investors do not forget the offer is influenced by US sanctions against Iran and the political situation in Venezuela.

“The supply situation remains a concern for the markets,” the bank said. “The tense situation remains in Venezuela, where armed forces are deployed at the main export point of the country’s oil.”

“The next OPEC meeting (June 19) will be crucial to the oil price track because cartel members are thinking of a potential increase in production in the second half of 2019,” said Benjamin Lo, an analyst at Philip Vetchers in Singapore.

Oil prices in London and New York closed Wednesday in two contradictory directions after the sudden jump in US crude inventories.

London Brent crude <LCOc1> closed at $ 72.18, up 12 cents from Tuesday’s closing price.

In New York, the price of light sweet crude at $ 63.60, down 31 cents.

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