Oil prices fall on API data showing rise in US inventories

World oil prices fell slightly on April 16 morning after the release of data from the American Petroleum Institute (API) on an increase in the volume of reserves of this type of raw material in the United States, Report informs via trading data.

The price of June futures for Brent crude oil fell by 0.17%, to $64.56 per barrel, May futures for WTI by 0.18%, to $61.22.

On Wednesday night, API presented its estimate of the volume of reserves of this raw material in the United States.

According to the institute, commercial oil reserves in the country increased by 2.4 million barrels for the week ending April 11.

Investors are expecting the release of weekly data on oil reserves from the International Energy Agency (IEA) of the US Department of Energy later on Wednesday.

Analysts suggest that oil reserves fell by 1.7 million barrels to 440.6 million in the week ending April 11.

Markets also paid attention to the release of the monthly report of the International Energy Agency (IEA) the day before.

The organization lowered its forecast for growth in global oil demand for the current year by 300,000 barrels per day, to 730,000 barrels, and now expects it at 103.54 million barrels per day due to the escalation of foreign trade tensions.