Oil prices continue to fall amid growth of reserves in US

Global oil prices on October 28 morning continued a sharp decline amid the growth of crude reserves in the US, according to trading data, Report informs citing Prime agency.

As of 8:33 (GMT+4), the price of January futures for Brent crude oil fell by 2.03% to $82.17 per barrel, while the price of December futures for WTI crude oil fell by 1.81% to $81.14 per barrel.

Negative dynamics continued on the oil market on October 28 morning, after the US Department of Energy announced on October 27 that the country’s commercial oil reserves (excluding the strategic reserve) for the week ended October 22, rose by 4.3 million barrels, or 1% - to 430.8 million barrels. Analysts were expecting an increase of only 1.9 million barrels, while the American Petroleum Institute (API) previously reported an increase of 2.3 million.

In addition, traders are watching the prospect of the resumption of Iran’s nuclear negotiations with the EU countries.

Further supplies could come from Iran as the resumption of nuclear talks between the country and the EU suggests the possibility that it will soon be able to export oil again, CBA analysts told the Wall Street Journal.