REUTERS
Oil prices continued to fall in Thursday trading against the backdrop of macroeconomic data from the United States, Reuters has reported.
From the beginning of trading, July futures for North Sea Brent blend fell by 0.11%, to $63.73 per barrel, while July futures for WTI crude oil were down by 0.1%, to $59.58 per barrel.
On 3 June, Brent futures dropped by $1.13 to $64.36 a barrel, while WTI futures settled $1.06 lower at $60.20 a barrel.
According to the U.S. Department of Energy, the country's oil reserves for the week ended May 29 decreased by 1.9 million barrels, or 0.4%, amounting to 477.4 million barrels.
The current drop in oil prices is further driven by oil reserves in the United States, which are higher than last year, according to analysts.
In addition, oil production in the United States for the week has increased by 20 thousand barrels per day - up to 9.586 million barrels per day, the highest since January 1983, according to Department of Energy.
Investors are awaiting news from an OPEC meeting scheduled for June 5. The cartel will unlikely curtail its production quotas, and may even increase oil output from the current 30 million barrels per day.