REUTERS
Oil prices are falling amid expectations that the OPEC meeting on Friday will not bring about a reduction in oil production, Reuters reported on Tuesday.
As of 0832 Moscow time, Brent oil futures had fallen by $0.08, to $64.80 a barrel, while WTI futures were down by $0.03, to $60.17.
In May OPEC increased oil production to a two-year high, and is unlikely to change its production quotas at a meeting on Friday. According Saudi Arabian Petroleum Minister Ali Al-Naimi, oil demand is expected to grow in the second year half.
"The comments of Saudi Arabian Oil Minister, Ali al-Naimi, were as always optimistic. He admitted there was excessive supply in the market, but also predicted an increase in demand in the second year half and a return of the market to equilibrium," according to a Citi Bank report.
Phillip Futures brokerage forecasts prices will continue to fall this week, as the excess of oil in the world market will increase.