World oil prices started to decline on Wednesday afternoon after the release of data on oil reserves in the United States from the American Petroleum Institute (API). The current quote of Brent oil is $84.72 per barrel, WTI oil is trading at $83.75 per barrel.

According to yesterday's API statistics, commercial oil reserves in the United States increased by 2.3 million barrels in the week to October 22. The organization also estimated the growth of gasoline reserves at 0.5 million, and distillates at one million barrels. At the same time, there was a decrease in oil reserves at the country's largest terminal in Cushing – by 3.7 million.

The US Department of Energy will present similar data on reserves this evening. Analysts predict an increase in oil reserves by 1.9 million barrels.

In addition to the data on reserves, expectations of the outcome of the OPEC+ meeting, which is scheduled for November 4, have an impact on the dynamics of oil prices. Earlier, Russian Deputy Prime Minister Alexander Novak said that Russia expects the current parameters of the deal to be maintained, under which the alliance increases oil production by 400 thousand barrels per day monthly.

Moreover, market participants are following the development of relations between Iran and the European Union. In the near future, the parties will have important negotiations that may eventually help to resume the nuclear deal with Iran.