Brent crude price falls below $64 on supply fears

Oil prices are falling moderately on May 23 morning, remaining in a negative trend amid fears of another acceleration in the rate of OPEC+ production growth, Report informs referring to Interfax.

The cost of July futures for the Brent grade on the London ICE Futures exchange, as of 9:07 a.m. (GMT+4), fell by $0.45 (0.7%), to $63.99 per barrel.

On May 22, these contracts fell by $0.47 (0.7%), to $64.44 per barrel. Futures for WTI oil for July on online trading on the New York Mercantile Exchange (NYMEX) fell by this time by $0.46 (0.75%), to $60.74 per barrel.

Following the previous session, the cost of these contracts decreased by $0.37 (0.6%), to $61.20 per barrel.

The day before, the media reported that eight OPEC+ countries are discussing the possibility of another, third consecutive, accelerated increase in production in July.

In May and June, OPEC+ participants decided to increase production rates three times faster than previously planned, by 411,000 bpd instead of 130,000-140,000 bpd. The decision on production volumes in July will be made on June 1.