On October 26, oil prices began to fall after a short increase in 2% on the previous days.
The most important reason for the concern of traders was the possible expansion of the conflict in the Middle East, which produces about a third of all oil in the world, and the possible involvement of Iran in events. In the event of a deterioration, the US may take steps to additional restriction of Iranian oil supplies.
According to 8:10, Kyiv time, the cost of Brent oil futures on the ICE Futures London Exchange decreased by $ 0.25 (0.28%) to $ 89.88 per barrel, compared to the price at the closing of the previous session. On Wednesday, the price of these contracts increased by $ 2.06 (2.3%) to $ 90.13 per barrel.
WTI oil futures for December at the New York Commodity Exchange (NYMEX) fell by $ 0.16 (0.19%) to $ 85.23 per barrel. At the previous session, the price of these contracts increased by $ 1.65 (2%) to $ 85.39 per barrel.
The US Ministry of Energy, published on Wednesday, showed an increase in oil and gasoline reserves in the country. Commercial oil in the United States in the week, ended on October 20, increased by 1.37 million barrels, reaching a level of 421.12 million barrels. Reserves at the Cushing terminal, where Nymex oil is stored, increased by 213 thousand barrels.
But despite the conflict in the Middle East, oil prices, in general, remain stable in the range of $ 75-80 per barrel.
