Oil fell from 2016 highs

Oil prices fell and could not hold the positions conquered the day before. Investors took profits after data on Wednesday showed a larger than expected drop in crude inventories in the United States.

On Wednesday, the Energy Information Administration reported a drop of commercial oil reserves by 5.2 million barrels in the week of October 8-14, mainly due to the decrease in imports, after which oil prices have risen to new hig.hs

"We are seeing profit-taking," - said Bart Melek of TD Securities. However, he believes that the situation in the oil market as a whole has improved and investors are waiting for the reduction of oil production by OPEC.

However, commercial US crude inventories still remain at the level of 468.7 million barrels, which is 5.4% higher than a year ago and 31.5% higher than the average of similar date for the last five years.

The cost of the November futures for US light crude oil WTI (Light Sweet Crude Oil) fell to 50.30 dollars per barrel on the New York Mercantile Exchange.

November futures price for North Sea petroleum mix of mark Brent fell to 51.27 dollars a barrel on the London Stock Exchange ICE Futures Europe.