Oil is recovering after yesterday's fall

Oil prices, which collapsed yesterday to lows over the past six months, are recovering moderately at Wednesday's trade.

Yesterday, October Brent futures fell from the level of $96 per barrel to $91.98 per barrel. The reason for the fall was the revision of data on the dynamics of eurozone GDP in the second quarter. According to the revised data from Eurostat, the European economy in April-June increased by 0.6% compared to the previous quarter, while earlier it was reported growth of 0.7%.

In addition, the market continues to monitor the negotiations on Iran's nuclear program, where some progress has been made in recent days. However, a number of experts remain skeptical about the possibility of resuming the nuclear deal in the short term. They believe that even if the negotiations are successful, Iranian oil will return to the world market at best in early 2023.

On Wednesday, the price of Brent rose to $93.35 per barrel. Yesterday's data from the American Petroleum Institute (API) provided some support to the quotes. According to statistics, the reduction in oil reserves in the United States last week amounted to 448 thousand barrels after an increase of 2.156 million barrels a week earlier. Today it is worth paying attention to a similar report from the US Department of Energy.