Oil drops on assessment of growth in US inventories

World oil prices fell on Wednesday morning after the forecast of the American Petroleum Institute (API) on the growth of commercial oil reserves in the US over the past week.

Report informs, referring to trading data, that the price of September futures for Brent fell by 0.46%, to $106.86 per barrel, while September futures for WTI dropped by 0.68%, to $100.06.

The prices are held back by API statistics on the growth of oil reserves in the United States. According to the institute, the country's inventories rose by 1.9 million barrels in the week to July 15.

The country's Department of Energy will publish official statistics on the US commercial inventories for the past week on Wednesday evening. Analysts expect an increase in stocks by 1.4 million barrels.

The trading and corrective dynamics after two days of rising quotes also play a curbing role. Investors are fixing profits after the oil has risen in price by about 6% and 3% for Brent and WTI oil, respectively, in two trading sessions.