Decline in Peteroleum Prices Because of the Increase in US Reserves

The price of oil fell during the Asian session after the reported surprise growth in US stocks. Impacts also came from expecting Organization of the Petroleum Exporting Countries and other manufacturers to decide if they will increase their production at the June meeting, Reuters reported.

Futures on US crude petroleum WTI for July delivery dropped by 0.22% to 68.06 dollars per barrel. The decrease in Brent's petroleum is 0.34% to 77.24 dollars per barrel.

Crude oil reserves in the US rose to 434.9 million barrels in the week ending May 25, according to US Oil Institute. Analysts, however, expected stock to be decreased to 525,000 barrels.

The possible increase in production by the Organization of the Petroleum Exporting Countries (OPEC) and Russia is in the focus of the markets in recent days, especially since Saudi Arabia and Russia have been discussing a possible increase of production by 1 million barrels per day.