Oil falls on demand outlook and US government debt news

World oil prices on Monday morning fell on the assessment of the prospects for global oil demand and the situation with the US public debt, Report informs.

The price of July futures for Brent crude fell by 0.66% to $74.68 per barrel, and June futures for WTI dropped by 0.61% to $69.62.

Thus, the fourth trading session in a row began with a decrease, and over the previous three trading days, the cost of Brent crude oil fell by 4.28%, and WTI - by 5.06%.

Oil market sentiment remains negative on uncertain demand prospects and concerns about the US debt ceiling, Warren Patterson, head of commodities strategy at ING Groep NV, told Bloomberg.

Markets, in particular, continue to evaluate the prospects for oil demand, waiting for official data on commercial oil reserves in the US from the country's Department of Energy for the week ended May 12. And in the week to May 5, oil inventories rose by 3 million barrels (0.6%), to 462.6 million barrels, although analysts had expected a decrease in inventories by 0.9 million barrels.