Oil prices fall as inventories rise in the United States

The oil prices They fell on Wednesday after the weekly US report that showed an increase in commercial crude reserves and signs of a restart of dialogue on the Iranian nuclear program.

The price of a barrel of North Sea Brent for delivery in December it ended in a fall of 2.10% to 84.58 dollars in London. And in New York, the barrel of West Texas Intermediate (WTI) for the same month yielded 2.35% to 82.66 dollars.

The two contracts are far from their multi-year highs reached Monday.

The drop is partly explained by the US reserves report.

Commercial crude oil reserves in the United States increased last week more than expected, while gasoline stocks fell in line with expectations, according to data released Wednesday by the US Energy Information Agency (EIA).

Crude reserves rose 4.3 million barrels (mb) in the week ending October 22, to 430.8 mb. Analysts had expected a 2 mb increase. Meanwhile, gasoline reserves fell 2 mb, close to the expected 2.2 mb.

“Although the fall in prices began with the increase in stocks, it accelerated with the signs of a reactivation of negotiations with Iran on its nuclear program, which could mean the return of Iranian oil production to the market,” said Andy Lipow from Lipow Oil Associate.



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