WOW Crude Oil Price Plunged Today

Crude oil prices plunged 4 percent in late trading Thursday morning (06/07) weighed in OPEC exports last month.

US crude futures for West Texas Intermediate ended down $ 1.94, or 4.1 percent, at $ 45.13 a barrel, paring some of the previous two-session gains.

Brent crude futures prices fell $ 1.85, or 3.7 percent, to trade at $ 47.76 a barrel at 2:37 pm. ET.

WTI prices rose nearly 11 percent from a 10-month low close to eight sessions, the longest winning streak since 2012.

Bearish sentiment edged back into the market on Wednesday after data from Thomson Reuters Oil Research showed OPEC exports rose in June. This is despite the group of producers who reached an agreement in May to extend an agreement to maintain 1.8 million barrels per day in the market to shrink global supply and end a three-year overdue.

OPEC exported 25.92 million barrels per day in June, up 450,000 bpd from May and 1.9 million bpd more than a year earlier, according to Reuters data.

CNBC reported last week that shipments from Saudi Arabia's main oil exporter and other OPEC members increased in June, citing an analysis by the ClipperData tanker tracker.

OPEC and other oil exporters including Russia have entered a seventh month of production cuts, but analysts remain concerned that exports will not fall as fast as production this year.

Saudi oil giant Saudi Aramco said Wednesday it will lower prices for crude oil prices in Asia in August, a sign of increased competition in key demand centers.

A report that Russia has ruled out deeper production cuts also weighed on the market, some countries said. Russia is the largest non-OPEC contributor to a production cut deal.

Some analysts on Wednesday said that oil prices were poised to fall after a sharp rise until Monday. They said the rise was driven by traders closing short positions, or bets that oil prices would fall.

The American Petroleum Institute (API) earlier in the day after closing US markets released US weekly crude inventories data for the week ending June 30 posted a 5.76 million barrel decline after an unexpected 0.85 million barrel increase last week.

Gasoline, however, is reported to have sharply dropped 5.7 million barrels this week after a gain of 1.35 million barrels earlier. Distillate posted an increase of 0.38 million barrels after a rise of 0.68 million barrels earlier.

Analyst Vibiz Research Center estimates crude oil prices may move higher after the API report shows a drop in US weekly crude inventories. Crude oil price is expected to move within the 45.60- $ 46.10 Resistance range, and if the price falls will break the Support range of $ 44.60 - $ 44.10.