Oil prices ending week with significant decline

Oil prices rose slightly on May 3 morning, but ended the week with a significant decline, Report informs referring to Interfax.

The pressure on the market this week was exerted by data on a sharp increase in oil reserves in the US.

In addition, the geopolitical risk premium is gradually fading due to hopes for a truce between Israel and the radical Palestinian movement Hamas.

July Brent futures rose in price on the London ICE Futures exchange by $0.19 (0.23%), to $83.86 per barrel.

On May 2, Brent rose $0.23 (0.3%) to $83.67 a barrel.

June futures for WTI rose in price in electronic trading on the New York Mercantile Exchange NYMEX by $0.17 (0.22%) to $79.12 per barrel.

During the previous session, the contract fell by $0.05 (0.1%) to $78.95 per barrel.

Since the beginning of this week, Brent has fallen in price by 4.9%, WTI by 5.6%.

The fall in the oil market increases the expectations of experts that OPEC+ countries will continue to limit production. Most traders and analysts surveyed by Bloomberg expect that alliance countries adhering to voluntary production restrictions will extend existing measures until the end of this year.