US crude oil conservation rises while oil price retreats to US$27.82

According to the report of the Petroleum Research Institute, the crude oil conservation of the USA was 325mln barrels per week by the end of May, up 8.6% vs the same period of last year, while the gasoline conservation was 209mln barrels, 3% higher than the same period of last year. 

Because the data was better than expectation, the oil price also retreated. The oil price of July in New York closed at US$27.82, down 42 US cents. 

On the other hand, OPEC would decide whether it was necessary to increase the output so as to make up the loss resulted from the stop of providing oil by Iraq. Nevertheless, the oil output still remained at 2.42mln barrels each day at present.

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