Oil price is holding at level close to $65 per barrel after the worst month for oil market in more than two years was finished, Bloomberg reports. Investors worry about excess supply and strengthening dollar.

Futures in New York fell by 0,9% after losing as much as 1,3% on Wednesday. Oil reserves in the US are growing six weeks in a row, while Russia announced record rise in production in October. At the same time the US signaled that some countries may continue importing Iranian oil after sanctions take effect.

Last month oil prices fell by 11% showing the biggest slump since July 2016 amid concerns about economic growth and energy demand. At the same time, OPEC and Russia are sending mixed messages about future output after US sanction to Iran will be imposed.

WTI oil fell today to $64,73 per barrel. During last three trade sessions WTI lost 3,4%. Brent is traded for $74,71 per barrel.

US sanctions against Iran will take effect on November 5, however, the US signaled about possibility to import some volumes by certain countries. US inventories grew last week by 3,22 million barrel, while Russia’s output beat another record for post-Soviet period and reached almost 11,4 million barrels per day.

Bloomberg Dollar Spot Index gained 2,3% in October, showing the highest monthly gain since November 2016.