Oil fell in price in anticipation of the IEA report and from the API ratings

Oil has fallen in price on Tuesday during the Asian trading session, investors are waiting for the US crude oil reserves and bullish sentiment in the market, since Russia has said it wants to accede to the measures to limit the volume of oil production.
On the New York Mercantile Exchange crude oil futures WTI with delivery in November, fell in price by 0.14% to $ 51.28 per barrel. On the ICE Futures Exchange, Brent oil for December delivery fell 0.11% to $ 53.08 per barrel.
Yesterday, directly on the New York Mercantile Exchange, trading was not, as in the US celebrated Columbus Day.
Later today, the American Petroleum Institute will release its estimates of oil and refined petroleum products last week. On Wednesday, there will be similar to data from the US Department of Energy, for which investors are watching with great interest, as well as a monthly report of the International Energy Agency on supply and demand in the world oil market.
In the US crude stocks fell a fifth straight week last week, which led to an increase in forecasts about the demand in the country – a leader in oil consumption. According to the US Energy Information Administration, crude oil inventories fell last week by 3.0 million barrels to 499.7 million, the lowest level since January.
Yesterday Brent crude oil reached its highest level since July 2015 as the President of Russia Vladimir Putin said that Russia join OPEC agreed to reduce oil production.
Speaking at the World Energy Congress in Istanbul, Putin said he hoped that OPEC in November to agree to limit the amount of its production, and Russia is ready to support this decision. He noted that while Russia will remain a reliable energy supplier.
Earlier yesterday, the Minister of Energy of Saudi Arabia Khalid al-Falih said he thinks that in November, OPEC will be able to finalize agreement on the reduction of production, and it is not “impossible” to oil prices rose by 20% this year to $ 60 per barrel.
Organization of – Petroleum Exporting Countries agreed to cut production to 32,5-33,0 million barrels of oil per day, that is to reduce it to 0,7-2,2% in comparison with the current level of 33.2 million.
However, market analysts are skeptical that an agreement will be possible to implement.
Oil cartel of 14 countries, said it would not finalize the agreement before the next formal summit to be held in Vienna on 30 November.