Specifically, at the New York Exchange, the US light sweet oil price (WTI) in July 2019 fell 14 cents to US $ 53.76 / barrel, while in London the Brent oil price delivered in August 2019 reduced US 32 cents to 61.82 USD / barrel.

The US Energy Information Administration (EIA) said the country’s crude oil reserves fell during the week ending June 14. According to EIA’s weekly Oil and Gas Situation report, US commercial crude oil reserves, excluding those in strategic petroleum stocks, fell 3.1 million barrels from the previous week. Meanwhile, analysts participating in the poll conducted by S & P Global Platts center forecast that US oil reserves will only decrease by an average of 2 million barrels.

The Organization of the Petroleum Exporting Countries (OPEC) and the world’s leading oil producers will meet in two days July 1-2 in Vienna (Austria) after delaying several times before. Businesses are waiting for OPEC’s decision on whether to continue renewing the oil production cut.