Earlier this week the WTI crude futures declined down to $94/b. This is the 4-month low. The price has been falling over the last 2 weeks.
The Saudi Arabian Minister of Crude Oil Ali Naimi says that the supply of crude oil is currently 1.3-1.5M b/d higher than the demand for it. According to him, Saudi Arabia is ready to increase the demand in order to support lower oil prices. He expects the Brent oil price to decline down to $100/b.
According to the report published by the OPEC, Saudi Arabia supplied over 10 M b/d in April, which is the highest volume in 30 years.
Some experts name other oil market drivers, including the unstable economic and political situation in Greece and the USA’s record-high oil reserves.
According to , the US Dollar keeps rallying in the form of wave «С» of wave level Daily started at 79,63. The next major levels f resistance are 81,21; 81,70 and 81,85. A change of trend will take place if the price breaks and consolidates below 80,10 (as shown below):
