Oil prices continued their decline after a U.S. government report showed an increase in reserves for the fourth time in five weeks.

Oil reserves increased by 1.77 million barrels to 374.8 million barrels level last week. Stocks are forecast to fall by were 2 million barrels.

Gasoline stocks rose 2.9 million barrels, or 1.4% - to 202.4 million barrels, but were still up 0.9% compared to last year. Analysts had expected gasoline inventories fell by 1 million barrels.

Demand for gasoline in the four weeks ended November 2, increased by 0.2% on an annualized basis, and the average was at 8.6 million barrels a day.

Note that U.S. refineries operated at 85.4% of the total capacity, which is 2.3% lower compared to the previous week. Analysts expected capacity to fall to 86.2 percent.

Distillate stocks, which include diesel and heating oil, rose by 100,000 barrels to 118.1 million barrels levels, but analysts had expected distillate stocks fell by 2 million barrels.

Industry-funded American Petroleum Institute said yesterday that inventories fell 27,000 barrels last week to the level of 371.7 million barrels.

Futures also fell, as victory in the U.S. presidential election won. At the same time, Greece today voted in favor of the austerity measures. Note also that the U.S. president will hold talks with the Congress to avoid a financial break in the country.

December futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) fell to 85.15 dollars a barrel on the New York Mercantile Exchange.

December futures price for North Sea petroleum mix of mark Brent fell $ 3.20 to 107.80 dollars a barrel on the London Stock Exchange ICE Futures Europe.