Oil falls in price by over 1%

Global oil prices fell on Sept. 29 morning on the background of data from the American Petroleum Institute (API) on the growth of oil reserves in the US last week, according to trading data, Report informs referring to Prime agency.

As of 8:46 (GMT+4), the price of December futures for Brent crude oil fell by 1.33 percent to $77.31 per barrel, while the price of November futures fell by 1.38 percent to $78 per barrel. The price of November futures for WTI crude oil fell 1.34 percent to $74.28.

Investors on Sept. 29 estimate API data, according to which US oil reserves over the past week rose by 4.2 million barrels. At the same time, analysts expected a decrease in the indicator.

US Department of Energy data on weekly crude stocks in the country will be published later on Sept. 29. Experts predict a decline of 1.652 million barrels. However, if the data from the US Department of Energy confirms the API numbers and indicates an increase, this will be the first increase in the indicator in eight weeks.

At the same time, analysts believe that the decline in oil prices may be a temporary phenomenon, and soon they will return to growth.

While’s there’s a pause for now, “oil prices will remain supported and elevated,” said Howie Lee, an economist at Oversea-Chinese Banking Corp. in Singapore. “The stocks, especially in the US, are still quite tight. If global stocks deplete further, we can see Brent going even higher toward $85.”