Oil prices fell on Wednesday due to possibility of increasing supply on behalf of OPEC, as Reuters informs. However, prices will stay at the highest level not seen during last few years due to rising political risks.

Brent price went up by 0,5% to $79,20 a barrel after increasing by 35 cents yesterday. Last week this oil brand price reached the level of $80,50 a barrel, which is the highest since November 2014.

WTI oil costs $71,99 a barrel, up 0,3%. On Tuesday its price was $72,83.

Increase in supply on behalf of OPEC can be caused by US sanctions to Iran as well as by supply restrictions from Venezuela. Rise in production can be expected in June this year.

Investors will be closely watching after upcoming negotiations between Saudi Arabia and Russia, where two countries shall decide whether production can be increased.

Further increase in prices will be restricted by shale oil production growth in the US.

According to the data from American Petroleum Institution, oil reserves went down in the US last week, gasoline stocks however grew up suddenly.