Forex News

Oil futures fell third session in a row

Oil prices fell on Wednesday, as data from the US Energy Information Administration showed that oil stocks rose last week for the sixth consecutive week.

However, taking into account the growth last week, which was below expectations, the fall in oil it was somewhat limited.

December futures for oil supplies fell by $ 0.87, or 1.3%, to $ 65.31 a barrel. On Tuesday, oil futures dropped by $ 0.86, or 1.3%, to $ 66.18 per barrel.

In October, oil futures lost about 11%, which is the largest monthly drop in the last two years

According to data released by the US Energy Information Administration, crude oil inventories rose by 3.22 million barrels in the week ending October 26, which is less than the expected 4 million barrels. Earlier, oil reserves in the United States increased five weeks in a row.

The report says gasoline inventories fell 3.16 million barrels for the week ending Oct. 26, a million barrels more than the expected decline.

In a report published by the American Institute oil on Tuesday, it was shown that oil reserves in the US rose by 5.7 million ?? barrels last week, which is more than analysts' forecasts for a growth of 4.1 million barrels.

US sanctions on Iranian oil exports come into force this Sunday, the market is waiting in what degree and the loss of Iranian oil will affect the global supply.

According to recent reports, the Ministry of Oil of Iran began to sell crude oil to private companies in the country for export, trying to resist the sanctions.