Oil fell to $ 53 per barrel in early session today after expectations later during the day for US stocks rise to new record levels.
The price of “black gold” fell by 39 cents to $ 53.14 a barrel, after having increased yesterday by 75 cents, as contracts hit $ 54.15, which is a two-week high.
Despite concerns about a glut in the market, US crude has recovered about 22% after last month hit $ 43.58, which is a 6-year low.
Brent crude supply in April marked a new increase, as are traded at a price of $ 62.53 a barrel.
Analysts predict renewed increases in oil inventories today, as expected we will see an increase by 3.1 million barrels to new record levels.