Oil prices fell on Wednesday after Greece became the first advanced economy countries default against loans from the International Monetary Fund (IMF) and also when the United States and OPEC production recorded a new record.
Greece, as suspected, could not pay a 1.6 billion euro borrowed from the IMF, which became the largest payout in the history of the failure of the IMF.
The failure of Greece encouraging the rise of the dollar against the euro, the strong dollar depresses the price of crude oil rising oil import prices when using dollars for countries using other currencies.
Crude oil futures Fronth-month Brent LCOc1 traded 63,09 dollars per barrel at 24 GMT, down 50 cents from the final price of them. United States crude oil futures CLc1 was down 65 cents to 58,82 dollars per barrel.
Analysts say a rise in OPEC production and the United States is also aggravating the price.
"Iraq's production of crude oil rose the same as existing records this month, with an estimated output of OPEC oil reaching 32.1 million barrels a day compared to the target of 30 million barrels per day," said ANZ on the release of the morning.
Overall the OPEC supply increase from the last three years to 31,60 million barrels per day in June, up from 31.30 million barrels per day in may, according to a Reuters survey.
OPEC had been raising output over 1.3 million barrels per day after November 2014 decision to retain market share compared to the price.
Agreement between the leaders of the world with Iran over its nuclear project may add to the supply. June 30 deadline for the nuclear deal which allows Iran to export more crude into the market which has been oversupplied has been extended until 7 July.
In the United States, crude oil production rose 9,000 barrels per day to 9,701 million barrels per day in April, the highest since May 1971, in the monthly release of the Agency's Energy Information Administration and the United States on Tuesday (30/06).
Crude oil reserves rose 1.9 million barrels in the week to 468,9 million, compared with analysts forecast a decline of 2 million barrels.
However, demand for crude oil refining also rose by 77,000 barrels per day, the data indicated.
