Oil on May 24 morning is getting cheaper amid a decline in worries about the reduction of its supply in the market, Report informs referring to the auction data.

The price of August futures for Brent crude fell by 0.67% to $110.04 per barrel, while June futures for WTI fell by 0.61% to $109.62.

The weakening of investors’ fears about the reduction in the oil supply against the backdrop of an embargo on Russian oil contributes to a decrease in its value on May 24 morning.

The Wall Street Journal, according to analysts, reports that the proposed EU ban on Russian oil looks increasingly unlikely.