Economy

Oil: Brent price drops to $84.33 a barrel

Oil prices fell slightly at the beginning of trading on Wednesday, due to the increase in US inventories.

Brent crude oil prices for December delivery fell by 0.88 percent to $84.33 a barrel in the London market.

In turn, the price of US West Texas Intermediate crude futures for November delivery fell by 0.86 percent to $82.25 a barrel.

The prices of the two crudes rose last Monday to $86.04 and $83.87, levels that have not been recorded since October 2018 for Brent crude and since October 2014 for US crude.

Analysts said that the decline in prices today, Wednesday, is due to the increase in US crude inventories by 3.3 million barrels last week, according to data from the American Petroleum Institute.

Later in the day, the US Energy Agency will publish its forecasts for US stocks, as the market expects them to rise by 2 million barrels.

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