Oil prices have dropped due to the increase in US inventories and Saudi Arabia's price cuts.

Oil prices witnessed a decline during Thursday's trading session on June 5th, influenced by the increase in oil inventories in the United States, along with Saudi Arabia's decision to reduce the selling prices of its crude to Asia in the upcoming July.

Official data indicated a growth in gasoline and distillate inventories in the United States exceeding expectations, reflecting a decrease in demand within the world's largest economy.

On the other hand, Saudi Arabia, the world's largest oil exporter, announced a reduction in the official selling price of Arab light crude for July in the Asian market, reaching its lowest level in two months.

This decision came after the "OPEC+" alliance agreed earlier in the week to increase production by 411,000 barrels per day in June.

Commenting on the situation, Ole Hansen, an analyst at Saxo Bank, stated in an analytical note: "The uncertainty fueled by President Trump's changing stance on tariffs has increased fears of a global economic slowdown."

In trading results, Brent crude futures fell by 0.3% to $64.69 per barrel, while U.S. crude futures dropped by about 0.5% to $62.57 per barrel.