Oil traded at $134.93 a barrel

Oil traded at $134.93 a barrel for the July inventories in the New York Mercantile Exchange. The U.S. energy department depicted that crude inventories have dropped by 1.5 million barrels whereas the gasoline supplies has increased.

The reports of U.S. supply drop data has not been released in the market and the oil price reached $139.89 a barrel yesterday as the dollar price lowered. Saudi Arabia king Abdullah has announced that the production of crude will be increased by 200,000 barrels to 9.7 million barrels a day next month.