This morning, the New York futures for Brent have fallen in price by 0.76% to $ 49.80 and crude oil futures WTI down 0.58% to $ 51.48 per barrel. Thus, the black gold is trading in the red zone on China's weak trade and an increase in US oil inventories, according to industry estimates.

The American Petroleum Institute announced that US crude oil inventories rose last week by 2.7 million barrels, after a decrease of 7.6 million the previous week. This increase marked the end of three consecutive weeks a significant decrease in stocks. Stocks in oil storage at Cushing fell by 1.35 million barrels, distillate stocks fell by 4.5 million and gasoline inventories increased by 700 thousand.

OPEC will hold talks today with non-member oil producers to discuss details of the agreement to restrict the volume of production for at least six months. Russia has supported the idea. But analysts still fear that the plan will fail if Russia will remain under question.