West Texas Intermediate futures for August delivery dropped to $58.64 (-1.40%). Meanwhile Brent crude for August fell to $62.92 (-1.05%) a barrel. Greece was unable to make its payment to the International Monetary Fund. This default pushed the U.S. dollar up and crude prices down as dollar-denominated oil imports got more expensive.
At the same time crude production rose in both the OPEC and the U.S.. Some analysts believe that OPEC crude oil output advanced to 32.1 million barrels per day vs a target of 30 million bpd. On the whole production by the cartel rose to a three-year high of 31.60 million bpd in June from 31.30 million bpd in May (according to Reuters). In addition to that the U.S. Energy Information Administration reported on Tuesday that the country's crude production rose 9,000 barrels a day to 9.701 million barrels a day in April. Crude inventories rose by 1.9 million barrels in the week to 468.9 million, while they were expected to decline by 2.000 million barrels.