Baku, Azerbaijan, May 5
By Leman Zeynalova – Trend:
World oil prices are going down on May 5 amid the uncertainties over the extension of OPEC oil output cut deal.
The price for July futures of Brent crude oil has decreased by 1.80 percent to $47.51 per barrel as of 05:38 (GMT +4).
Meanwhile, the price for June futures of West Texas Intermediate (WTI) has dropped by 2.04 percent and stood at $44.59 per barrel.
Another factor affecting the oil prices is the report released by the US Energy Information Agency (EIA) showing that the country’s commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 0.9 million barrels from the previous week, while investors expected a 2.3 million barrels of decline.
Oil market is preparing for the OPEC meeting to be held May 24 in Vienna. By that time, all participants of the OPEC oil output cut deal should express their position regarding the extension of the deal. The final decision will be made May 25.
Follow the author on Twitter: @Lyaman_Zeyn