Crude oil prices have fallen again today, with both contracts extending their losses for the fourth consecutive session. At the time of writing, Brent was trading around $74.10, having been above $80.00 just a couple of weeks ago. WTI was trading around $64.50, more than $8 worse off compared to the high of almost $73 it hit on May 22.
Oil prices have taken a dramatic fall over the past couple of weeks after Saudi Arabia – the de facto head of the OPEC – strongly hinted at the prospects of increased supplies from the OPEC and non-OPEC in the second half of the year.
From:: Resource Investor