Oil falls for 5th session; Brent below $78

Oil drilling rigs

Oil prices fell today, June 4, continuing their downward trend for the fifth session in a row amid fears of weak global demand.

Brent crude futures for August delivery declined more than 1%, or 84 cents, to close at $77.52 a barrel.

WTI crude for July delivery fell 1.3%, or 97 cents, at $73.25 per barrel.

OPEC oil production rose by 145,000 barrels per day in May to 26.63 million barrels per day, after higher exports from Nigeria and Iraq offset the impact of voluntary production cuts by the OPEC+ group, Reuters survey showed.

The American Petroleum Institute's report on oil inventories is expected to be issued later today, and the US Energy Information Administration is scheduled to issue official data on inventories on June 5, amid expectations that crude inventories will fall by 2.1 million barrels.