According to the NYMEX, the WTI crude fell below the level of $100 hitting the lowest since July. At 2.40 p.m. Moscow time the oil futures for November delivery pulled back by 0.8% and posted $99.98 per barrel.
The light sweet oil went down in value amid the report on the U.S. oil reserves increase, Bloomberg says. There are no official statistics on the week ended October 11 yet, but, according to the Energy Information Administration, American crude oil reserves hit the 3-month high and boosted to 375.5 million barrels.
In late August, WTI rose in price to more than 2-year high of $112.24 per barrel. In two days, the oil futures went up by $6.5. Meanwhile, the Brent oil leaped to $113.8 from 108.5 per barrel.
The oil prices spurt was recorded after the political crisis burst in Egypt. It bears reminding that the Islamists held the demonstrations in Cairo protesting against ousting Mohamed Morsi from the post of the president. Besides, the markets may have reacted to the decline in oil supply from Libya, where the mining industry workers during the strike blocked the oil terminals and ports.
