WASHINGTON, June 4 (Reuters) - The International Monetary Fund said on Thursday that oil prices are still only about 3 percent higher than the levels on which it based its baseline global growth forecast issued in April, but noted continued price volatility in the spot market and declining global reserves.

Brent crude futures prices have fallen over the past few days, reaching around $86.18 a barrel on Thursday.

The IMF’s forecast of 3.1 percent global economic growth was based on an average oil price of $82.22 per barrel.

Those forecasts, which came after a sharp jump in prices during March, were based on the assumption of a swift end to the conflict in the Middle East.

The IMF spokeswoman, Julie Kozak, said during a regular press conference that the stability of oil prices depends on the reopening of the Strait of Hormuz.