Speculated earlier, stockpiles are said to increase after OPEC keeps its target for production constant. However, Brent Crude traded below US$100 for one barrel of crude oil, the first time to transpire in a month.
Brent Crude is known to price their products more than half of the current world oil suppliers. However this was changed after declining to as much as 0.6%. This resulted to selling US$99.75 per barrel. During a meeting in Vienna last May 31, OPEC maintained its output position at 30 million barrels a day.
The US is known to be the world's largest oil consumer. Last May 30, a government report showed that US increased to 398 million barrels a week at the end of May 24. Brent Crude settled with US$100.32 per barrel which was seven cents lowers that ICE Futures Europe. Last month, prices dropped off to 1.9% and continued to a 2.2% decrease last week.
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