November Brent futures fell in price on the London ICE Futures exchange by $0.67 (0.72%), to $92.86 per barrel, and WTI futures on the New York Mercantile Exchange NYMEX fell in price by $0.68 (0.76%) to $88.98 a barrel.
Commercial oil reserves in the US fell by 2.14 million barrels last week, the country’s Department of Energy reported. Analysts surveyed by Bloomberg predicted a decline of 1.7 million barrels.
Gasoline inventories decreased by 831,000 barrels, distillates decreased by 2.87 million barrels. Experts expected an increase in gasoline inventories by 1.1 million barrels and an increase in distillate inventories by 1.05 million barrels.
Oil reserves at the Cushing terminal fell by 2.1 million barrels. Meanwhile, the US Strategic Petroleum Reserve was replenished by 600,000 barrels.
"We do feel some consolidation is warranted until we see the next leg higher,” Tariq Zahir, managing member at Tyche Capital Advisors, told MarketWatch. Still, "the weight of the continued supply production cut through the end of the year by Saudi Arabia and Russia…is not a matter of if, but a matter of when prices will break $100.”
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