(VOVworld) - Crude oil prices have fallen sharply in the US and world market due to investors’ concern about possible decision made at the meeting of the Organization of the Petroleum Exporting Countries this weekend.

(Photo: dynamicco.com)

The US benchmark West Texas Intermediate for July delivery fell 1.62 USD, or 2.6 per cent, to 59.64 USD a barrel in New York trade. In London, Brent crude for July lost 1.69 USD, or 2.6 per cent, to 63.80 USD a barrel.
According to experts, the sharp fall of the oil price was due to investors’ forecast that in the foreign ministerial meeting on Friday, OPEC countries are likely to reject the proposal to cut down volume of daily oil exploitation to balance supply and demand.