Oil falls amid sharp increase in US inventories

World oil prices fell slightly on August 11 morning on the news that the US has reached record stocks of this raw material, Report informs referring to the auction data.

The price of October futures for Brent crude fell by 0.38% to $97.03 per barrel, September futures for WTI - by 0.41% to $91.55.

The downside factor for the market includes August 10 statistics from the US. Commercial oil reserves in the country (excluding the strategic reserve) for the week ended August 5 rose by 5.5 million barrels, or 1.3%, to 432 million barrels, although analysts hardly expected an increase in inventories, which now reached the highest level this year.

Markets also continue to evaluate the factors indicating the growth of the supply of oil. For example, the Transneft company has begun resuming the pumping of oil through the southern branch of the Druzhba pipeline through Ukraine in the direction of Hungary and Slovakia.