Investing.com - Crude oil futures fell to fresh two-month lows on Friday, as markets were still digesting news of an unexpected rise in U.S. stockpiles and as trading volumes remained thin with U.S. markets closed for the Independence Day weekend.
On the New York Mercantile Exchange, crude oil for August delivery hit $56.56 during European early afternoon hours, down 37 cents, or 0.62%. A day earlier, Nymex oil prices lost 3 cents, or 0.05%, to end at $56.93.
Oil prices remained under pressure after the U.S. Energy Information Administration said in its weekly report on Wednesday that crude stockpiles rose by 2.4 million barrels in the week to June 26.
The consensus forecast had been for a decrease of 2 million barrels.
At 465.4 million barrels, U.S. crude oil inventories remain near levels not seen for this time of year in at least the last 80 years.
It was the first supply build since April and added to concerns over a global supply glut.
Global oil production is still outstripping demand following a boom in U.S. shale oil production and after a decision by the Organization of Petroleum Exporting Countries last year not to cut production.
Meanwhile, market participants continued to monitor the Greek debt situation after hopes for a last minute deal were quashed on Wednesday when Greek Prime Minister Alexis Tsipras urged voters to reject the terms of an international bailout deal.
Greek voters are due to decide on Sunday whether to accept terms proposed by the institutions overseeing the country’s now-expired bailout, the European Central Bank, the International Monetary Fund and the European Commission, or reject them.
Tsipras has said a vote against the proposals would give him a stronger mandate to agree a third bailout Greece’s creditors. However, European leaders have said the referendum is ultimately a vote on whether to remain in the euro zone.
Greece became the first developed country to default on the IMF after its second bailout program expired late Tuesday.
Elsewhere, on the ICE Futures Exchange in London, Brent oil for August delivery dropped 43 cents, or 0.70%, to trade at $61.64 a barrel. On Thursday, London-traded Brent futures declined by $1.58, or 2.48%, to settle at $62.01.
The spread between the Brent and the WTI crude contracts stood at $5.08 a barrel.