Oil Prices Stay Volatile

Oil is currently trading at the lowest level for 7 months. The decline in oil and gasoline reserves in the US slightly supported the market, but investors continue to be concerned about the steady growth in the production of shale oil in the US, and the expansion of production in Libya and Nigeria.

According to the Energy Information Administration (EIA), the US oil inventories fell by 2.45 million barrels to 509.1 million barrels, for the week ending June 16. Analysts had expected a decline in oil reserves of 2.18 million.