Oil falls in price amid increase in reserves

Global oil prices on October 27 morning fell on data from the American Petroleum Institute (API) on an increase in its reserves, according to trading data, Report informs citing Prime agency.

As of 8:40 (GMT+4), the price of January futures for Brent crude oil fell by 0.49% to $85.23 per barrel, while the price of December futures for WTI oil fell by 0.67% to $84.09 per barrel.

According to the American Petroleum Institute (API), weekly stocks of oil in the country rose by 2.3 million barrels. At the same time, analysts had expected growth by only 1.7 million barrels.

In addition, investors are likely to keep an eye on upcoming talks between Iran and the EU, which could ultimately help restart a nuclear deal with Iran, according to ANZ analysts cited by the Wall Street Journal.

One of the main events for oil traders will be the OPEC+ meeting next week, on November 4.

Next week, there will be an OPEC+ meeting, at which participants will discuss whether to increase production more than planned in accordance with the current supply agreement, the experts added.