Oil falls in price amid inventory growth in US

Global oil prices fell slightly on September 30 morning, after a significant increase in the previous days, amid the data on the growth of oil reserves in the US and the strengthening of the US dollar, according to trading data, Report informs referring to Prime agency.

As of 8:31 (GMT+4), the price of December futures for Brent crude oil fell by 0.29% to $77.86 per barrel, November futures dropped by 0.32%, to $78.39; while the price of November futures for WTI oil fell by 0.11%, to $74.75 per barrel.

Traders drew attention to the data of the US Department of Energy, according to which oil reserves in the country over the past week unexpectedly increased by 4.6 million barrels. Analysts had expected a decline of 1.7 million barrels. Similar data on the growth of reserves were published by the American Petroleum Institute (API).

In addition, since the beginning of the week, the US dollar has strengthened against the euro by almost 1%, having reached the highest level since last autumn, as well as the US dollar index (the dollar exchange rate against a basket of currencies of six countries - the main trading partners of the US). The strengthening US dollar makes oil more expensive and unaffordable in terms of other currencies.

“This dollar strength has reached a level that can’t be ignored,” said John Kilduff, a partner at Again Capital LLC.