Oil prices fell slightly in the European market on Wednesday to continue losses for the second day in a row, with renewed concerns about the increase in global production and the breadth of supply in the market, especially after the rise in production in Russia and Saudi Arabia, and accelerated production in the United States to a new record.
By 07:05 GMT US crude fell to $ 65.85 a barrel from the opening level $ 66.00, and recorded the highest level $ 66.07, and the lowest level of $ 65.82.
Brent crude dropped to $ 75.33 a barrel from the opening price of $ 75.37 and recorded a high of $ 75.72 and a low of $ 75.25.
US crude oil was down 0.1% on yesterday’s correction, with a correction from a two-week high of $ 66.68 recorded earlier in the session, and Brent fell 1.2%.
Country’s oil production rose to 11.1 million barrels at the beginning of June, up from just under 11 million bpd average production in May, the Interfax news agency reported on Saturday.
In Saudi Arabia, production has increased by 10 million barrels again, after stabilizing during the last period about 9.9 million barrels, and Saudi Arabia this year lost the ranking of the second largest oil producer in the world for the United States.
US production jumped to 10.80 million barrels in the week ending June 1, hitting a new record high.
US production has risen by more than 28 percent since mid-2016, surpassing Saudi Arabia’s current high of 10 million barrels per day , close to Russia’s biggest oil producer of around 11.1 million barrels a day.
In preliminary data, the US Petroleum Institute announced yesterday that US trade inventories rose last week by 0.85 million barrels, the second rise in the last three weeks. Experts forecast a decline of about 2.7 million barrels.
Traders will be looking for official data on crude stocks and production levels later in the weekly report of the US Energy Agency.