Oil prices declined on profit taking and a stronger U.S. dollar. The U.S. dollar traded mixed against the most major currencies after the number of initial jobless claims. The number of initial jobless claims in the week ending May 02 in the U.S. climbed by 3,000 to 265,000 from 262,000 in the previous week, beating expectations for a rise by 18,000.

Initial jobless claims remained below 300,000 the ninth straight week. That could be interpreted as the strengthening of the labour market.

Comments by Iranian Oil Minister Bijan Zangeneh also weighed on oil prices. He said at a news conference in Tehran today that Iran could increase its oil production to four million barrels a day in less than a year.

Investors are awaiting the release of the number of oil rigs in the U.S.

WTI crude oil for June delivery fell to $59.48 a barrel on the New York Mercantile Exchange. Brent crude oil for June declined to $66.38 a barrel on ICE Futures Europe.