• Oil is trading lower

Market news

2 November 2016

Oil is trading lower

This morning, the New York futures for Brent have fallen 0.75% to $ 46.33 and WTI -0.48% to $ 47.90 per barrel. Thus, the black gold is trading in the red zone on the background of standby US crude stocks after industry data showed an unexpected increase in inventories, highlighting the steady global oversupply of oil. The American Petroleum Institute said that the volume of oil reserves rose by 9.3 million barrels for the week ended October 28, which is more than nine times the amount expected by analysts.

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