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Oil prices traded lower on the stronger U.S. dollar and on concerns that OPEC keeps unchanged its oil production. The U.S. dollar traded higher against the most major currencies as the U.S. manufacturing activity increased in May. The Institute for Supply Management's manufacturing purchasing managers' index for the U.S. climbed to 52.8 in May from 51.5 in April, exceeding expectations for a gain to 52.0. It was the highest level since February.

Investors are awaiting OPEC's meeting on June 05. It is expected that OPEC keeps unchanged its oil production.

 

 

WTI crude oil for July delivery declined to $59.52 a barrel on the New York Mercantile Exchange.

 

 

Brent crude oil for July fell to $64.53 a barrel on ICE Futures Europe.

 

 



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