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Oil fluctuated
World oil prices fluctuate on Wednesday amid reports on the growth of the IEA to the world market, and pending the decision of the OPEC quota on oil production, which can be left unchanged, according to the auction.
OPEC will decide on quotas for oil production at a meeting held on Thursday in Vienna. It is expected that any changes to the quota would be taken against the background of a significant amount of oil supply in the markets, even after the decline in oil production of OPEC member countries in May for the first time in eight months.
In its June report, the International Energy Agency (IEA) reported that oil supplies to world markets in May rose in April to 200,000 barrels - to 91.1 million barrels per day. At the same time global oil demand in 2012 is projected at 89.9 million barrels.
In the U.S. oil reserves last week, according to the EIA, decreased by 0.191 million barrels, is expected to decline to 1.411 million barrels.
Crude oil for July delivery dropped to $82.15 a barrel on the New York Mercantile Exchange. Prices are down 16 percent this year.
Brent oil for July settlement decreased 5 cents to $97.09 a barrel on the London-based ICE Futures Europe exchange. July futures expire tomorrow. The more actively traded August contract was down 26 cents, or 0.3 percent, at $96.71.
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