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Oil is trading lower
This morning, the New York futures for Brent dropped 1.13% to $ 52.38 and WTI -0.99% to $ 55.19 per barrel. Thus, the black gold is trading in the green zone on the background of the sudden growth of oil reserves in the United States and the assumption that OPEC could produce more oil in November than expected, potentially undermining the plans for production cuts.
According to API, crude oil inventories increased by 4.7 million barrels to 490.1 million, while analysts expected that they will fall by 1.6 million barrels.
Also, the market expects the Fed meeting, predicting a rate hike, which could support the dollar and make imports of fuel expensive for holders of other countries currencies.
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