Oil prices fell from their highest level in 7 years

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Oil futures prices fell at the beginning of trading today, Wednesday, after it reached its highest level in 7 years yesterday, after news that the US stockpiles of crude oil continued to increase during the past week.

The price of futures contracts on the New York Mercantile Exchange fell to less than 83 dollars a barrel, after rising during the past four trading days by more than 3%.

The American Petroleum Institute had monitored an increase in US crude stocks last week by 3.29 million barrels, according to informed sources, which means the stockpile continued to rise for the fourth consecutive week, according to Bloomberg News Agency.

The institute’s report is scheduled to be officially released today.

The price of West Texas Intermediate crude, the US benchmark, fell in New York Stock Exchange trading this morning by 0.4% to reach $82.61 a barrel for November delivery, after its increase yesterday by 0.6%. At the same time, the price of contracts for December delivery fell by 0.6 percent to $81.97 a barrel as of 12:05 pm Singapore time. Brent crude, the benchmark for global markets, fell by 0.5% to $84.63 a barrel for December delivery, after rising yesterday by 0.9% to reach its highest level since October 2018.

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