Oil prices Fell in the middle of negotiations with Greece's debt
World oil prices fell amid news "bearish" about the United States and the failure of industrial production in Greece's debt negotiations.
Reported by Reuters, Wednesday (16/6/2015), worries that u.s. oil production did not decline and Saudi Arabia can continue to increase its oil production, also maintains an upper limit or launched at a price.
The benchmark us light sweet crude or West Texas Intermediate (WTI) for delivery in July, dropped 44 cents to close at 59,52 u.s. dollars a barrel on the New York Mercantile Exchange compared with Friday's closing.
Brent North Sea crude oil for July delivery of fell 1.28 u.s. dollars being settled in 62,61 u.s. dollars per barrel in London trade.
U.S. industrial production was reported down another 0.2 percent in may after a decline of 0.5 percent in April, not unexpected but still threw keredupan on the strength of the economy.
"The may Numbers were far below expectations, and offers little encouragement after a weak first quarter," said Amanda Augustine from BBVA.
Investors also focused on the turmoil of the breakdown of negotiations with Greece the creditors, although the euro increased strongly during this day, giving support to crude oil prices.
The two-day talks in Brussels between representatives of the Governments of Greece and the lender over preconditions for the disbursement of further assistance to Greece ends and does not convince on Sunday night. Concerns about the possibility of Greece eurozone exit hit the market.
Greece's Prime Minister Alexis Tsipras accuses Greece of lenders have "political purposes" because they urged countries most indebted in Europe take steps further savings.
Hoping to reach an agreement now moved to a meeting of Eurogroup Finance Ministers on Thursday in Luxembourg who many believe is the last chance before the European Union bailouts for Greece expire at the end of June.
"This is a continuation of the selling action we see at the end of last week because of fears of oversupply," says Matt Smith of Clipper Data.
"We moved to the other end of the range now, we continue to be volatile in a narrow range."
Investors also focused on Iran ahead of the June 30 deadline for the Islamic Republic and world powers reach agreement on Tehran's nuclear program restrictions.
If a deal is reached and implemented, world powers have agreed to gradually reduce the sanction imposed since 2012, including in the oil industry.
Iran has the fourth largest oil reserves in the world, but its export has fallen more than 2.2 million barrels per day in 2011 to around 1.3 million barrels due to the sanctions.
Oil prices also fell amid the surplus production from the Organization of petroleum exporting countries (OPEC).
Saudi Arabia, Iraq and United Arab Emirates are producing at the level of the monthly record for may. Iraq is planning to increase crude oil exports in June.
