Oil is traded at price close to the lowest in a month after US inventories grew more than was expected, and this influenced the market more than rising tension in relations between the US and Saudi Arabia, Bloomberg reports.

US futures today almost did not change, however, yesterday they lost 3% showing the biggest decline since August. US inventories grew last week by 6,49 million barrels, which is twice as much as in Bloomberg forecast.

Earlier this year the price increased as investors doubted that OPEC will be able to replace Iranian export oil after US sanction take effect. Price grew even higher after escalating conflict between the US and Saudi Arabia.

WTI oil with November delivery is traded for $69,64 per barrel. Brent oil costs $79,89 per barrel today.

US inventories have been growing for four straight weeks. This is the longest period of gains since the beginning of 2017. According to IEA forecast, US shale oil output will rise by 100000 barrels per day to 7,71 million barrels per day in November.