Oil investors focused on the meeting to be held by OPEC countries today after official data announced in the USA pointed to an increase in oil stocks.
Oil fell as investors focused on the OPEC meeting after rising oil stocks in the US. West Texas Oil slumped to around $80 a barrel after losing nearly 4% in the last two sessions in New York.
Despite the calls to increase production, OPEC countries expected to stick to the gradual increase plan until December, which was announced earlier. US Secretary of State Antony Blinken called for increasing oil production during a meeting with United Arab Emirates Foreign Minister Abdullah bin Zayed Al Nahyan in Glasgow.
According to official data released by the US Energy Information Administration, crude oil inventories rose for the fifth time in the last six weeks. Stocks in Cushing, Oklahoma, fell for the fourth week in a row to 26.4 million barrels, while national crude inventories increased by 3.29 million barrels.
It was also announced that the nuclear deal talks between the US and Iran will resume towards the end of this month. Reaching the agreement will pave the way for Iran to export more oil.
Mexico buys a put option that allows it to be sold at a predetermined price to fix its revenue from oil sales next year.
West Texas Oil for December delivery fell 1.1 percent to $80.01 a barrel on the Nymex market.
Brent oil for January delivery fell 0.8 percent to $81.37 a barrel on the London ICE Futures Europe market.