Oil prices fell with oversupply and falling dollar

Crude oil prices June 4 fell as supply overwhelmed the supply glut and falling dollar on strong global demand for fuel.

Oil markets are still oversupplied such as the Organization of Petroleum Exporting Countries "OPEC" meeting next Friday, which is scheduled to remain on the production of two million barrels per day above the level of demand to enhance the glut left millions of barrels stored in tankers without the presence of buyers.

But strong global demand for fuel to curb falling prices, in China sold about two million new powered vehicles a month in spite of the economic slowdown in the country.

Asian refiners consume as much crude oil as gasoline margins benefit from the near-record profits.

By 13:01 Moscow time, crude futures "Brent" and reached for the month to $ 63.95 a barrel, and futures reached US light crude to $ 59.83 a barrel.

Company "Wood Mackenzie" energy consultancy, said it was highly unlikely that consensus "OPEC" to reduce production at its meeting on the fifth of June, and it expects that the organization production remains above its production ceiling of 30 million barrels per day during 2016.

The company said it expects the average price of Brent crude to $ 60 a barrel in 2015 and $ 70 in 2016.