Global oil prices fall amid API data

Global oil prices fell slightly on November 5 morning following the release of weekly statistics from the American Petroleum Institute (API), which showed a rise in US crude oil inventories, Report informs referring to trading data.

The price of January Brent crude futures fell 0.09% from the previous close, to $64.36 per barrel, while December WTI futures fell 0.12%, to $60.49.

On Wednesday night, the API published its estimate of US crude oil inventories. According to the data, commercial crude inventories in the country increased by 6.5 million barrels for the week ending October 31. Analysts had expected a decline of 2.4 million barrels.

Later on Wednesday, the Energy Information Administration (EIA) of the US Department of Energy will also release data on domestic crude oil inventories. Analysts expect the figure to fall by 2.5 million barrels in the week ending October 31.