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Crude oil prices fall for a second day as OPEC output rises
Crude oil prices fell on Wednesday for a second consecutive day of declines from their highest level since November 2014, amid expectations that the Organization of the Petroleum Exporting Countries (OPEC) will raise its production rates to compensate for the market shortage .
US crude futures traded at $ 71.89 a barrel, after hitting a high of $ 72.24 a barrel, while opening today's session at $ 72.10 a barrel, the lowest level at $ 71.78 a barrel .
The next meeting of the Organization of Petroleum Exporting Countries (OPEC) during the month of June may see the Organization raise its production rates to compensate for the decline in the production of Venezuela and Iran in light of current tensions in the two countries .
This caused crude oil prices to fall again during today's trading as the increase in production rates rebalanced the markets and ended the reason for the recent rise in crude prices .
In addition, the high levels of the US dollar against the major currencies have negatively affected the price of crude oil to decline for the second day, before the report of the US Energy Agency today with expectations of a decline of 2.5 million barrels last week .
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