Brent oil falls to $85.6 per barrel

Oil prices fell on October 12 based on data from the American Petroleum Institute (API), Report informs referring to Interfax.

Oil reserves in the US jumped by 12.94 million barrels in the week ending October 6 - the highest since the beginning of January. The US Department of Energy will release its data later on October 12.

December Brent futures fell in price on the London ICE Futures exchange by $0.22 (0.26%) to $85.6 per barrel.

By this time, November futures for WTI had fallen in price on the New York Mercantile Exchange NYMEX by $0.32 (0.38%), to $83.17 per barrel.

The situation in the Middle East remains in the focus of traders. Israel is not a major oil producer, but investors are wary of an escalating conflict in the region given media reports that Hamas’ attacks on Israel were planned with the assistance of Iran.