Global oil prices fall amid fears of crude shortage

Oil prices fell on October 26, caused by concerns around crude supplies on world markets and the weakening dollar, Report informs.

December Brent futures fell by 0.78% on the London ICE Futures Exchange to $92.79 per barrel.

December futures for WTI on the New York Mercantile Exchange (NYMEX) fell 0.56% to $84.84 per barrel.

The ICE-calculated index, which shows the dynamics of the dollar against six currencies (the euro, the Swiss franc, the yen, the Canadian dollar, the pound sterling and the Swedish krona), lost about 1% on October 25, which supported oil quotes.

In addition, the market reacted to statements by Minister of Energy of Saudi Arabia, Prince Abdulaziz bin Salman, that the lack of strategic crude reserves and free mining capacity could become painful for the market in the coming months.

The American Petroleum Institute (API) reported on October 25 night that US inventories rose by 4.5 million barrels last week. Experts, on average, expected a more moderate growth of about 200,000 barrels.