Oil prices fell more than 3 percent today, ending their longest bull-run in more than five years. According to Thomson Reuters Oil Research, Oil exports by the OPEC climbed for a second month in June.
OPEC exported 25.92 million barrels per day (bpd) in June, up 450,000 bpd from May and 1.9 million bpd more than a year earlier. "Oil bulls have numerous obstacles to overcome," said Stephen Schork of the Schork Report, pointing to rising OPEC output and high production in the United States.
The rise in exports comes despite OPEC's vow to rein in production until March 2018.
Another reason of the depreciation of oil prices was that the car group Volvo said also today that from 2019 all of its new models would be fully electric or hybrid vehicles.