Oil falling in price after last week's growth

Global oil prices are heading downward on June 7 morning after rising 3-5 percent in the last trading week, Brent crude nearly hit $72 per barrel and WTI approached $70 per barrel, Report informs referring to Prime agency.

As of 8:43 (GMT+4), the price of August futures for the North Sea Brent oil blend decreased by 0.53 percent to $71.51 per barrel. The prices of July futures for WTI oil were down 0.40 percent to $69.34 per barrel.

On June 7 morning, there is a decline in prices on the oil market, after last trading week, crude prices rose by an average of 3-5 percent against the background of general optimism in the market. It was triggered by strong statistics on unemployment in the US, which weakened investors’ fears about an imminent tightening of the US Federal Reserve’s monetary policy.

Investors are also assessing the prospects for an increase in demand for oil due to the gradual lifting of travel restrictions.

“The focus remains on demand, with traffic data suggesting the summer driving season should be positive,” said Daniel Hynes, senior commodities strategist at Australia and New Zealand Banking Group Ltd. “The market should tighten up even further over coming weeks.”