Oil Gets Cheaper on US Stockpile Data.

Oil prices are falling under the influence of data from the American Petroleum Institute (API) on the growth of oil stockpiles in the US.

According to API data, oil stockpiles in the States increased by 1.96 million barrels. The price of November futures on Brent oil at the London ICE Futures exchange stands at $73.32 per barrel, which is $0.38 (0.52%) lower than during the previous trading session. On Tuesday, these contracts rose by $0.95 (1.3%), to $73.7 per barrel.

The price of WTI oil futures in electronic trading on the New York Mercantile Exchange (NYMEX) decreased by $0.4 (0.56%), to $70.79 per barrel. During the previous session, the cost of these contracts increased by $1.1 (1.6%), to $71.19 per barrel.

Traders continue to monitor the situation in the Middle East due to events in Lebanon, as they fear an increase in tension. On Tuesday, pagers used by members of the Lebanese Shia movement Hezbollah exploded in Lebanon. According to Middle Eastern media, as a result of these events, at least 11 people were killed, and about 4,000 people were injured, with 400 cases being critically assessed.

This incident could lead "to the return of a risk premium to oil prices," notes Price Futures Group analyst Phil Flynn, whose opinion is cited in Market Watch.

Traders are also awaiting the results of the Federal Reserve's (Fed) meeting, which will be announced on Wednesday. Investors are confident that the US central bank will lower the rate at this meeting, but opinions differ on the size of the reduction.