Since the beginning of the week, Brent and WTI have fallen in price by more than four percent. The oil of the main brands is slightly changing in price in the morning on Friday, June 9, after the decline to the lowest level since early May on fears that OPEC countries will not be able to reduce the excess supply in the market. The cost of August futures for Brent crude on the London Stock Exchange ICE Futures to 8. 12 in Kiev time rose by 0.04% - to 47.88 dollars per barrel. The price of the WTI futures contract for July in the electronic trading of the New York Mercantile Exchange (NYMEX) increased by 0.04% to $ 45.66 per barrel by that time. Since the beginning of the week, both contracts have fallen in price by more than 4%. Investors fear that production in the US, which, according to the Ministry of Energy forecasts, will reach a historical record of 10 million barrels per day in 2018 neutralizes OPEC's efforts to reduce world fuel supplies. In addition, world oil reserves are declining much more slowly than market participants hoped. In the US last week, stocks rose for the first time in 9 weeks, and this was contrary to forecasts.

Also on the eve of the company Royal Dutch Shell lifted restrictions on the export of oil from Nigeria, which did not take place more than a year. Let's note, the Ministry of Finance of Russia expects that the price for oil will decrease to $ 40 per barrel after the end of the OPEC agreement on oil production reduction. In turn, Shell predicts oil prices this year at $ 50 per barrel and even lower.

Original article: Oil traded at its lowest level in a month.