Oil prices continue to fall on November 16 after their first decline in five sessions the day before, Report informs referring to Interfax.

The data from the US Department of Energy on an increase in oil reserves in the country to the maximum level since August was a negative factor for the market.

January Brent futures fell in price on the London ICE Futures exchange by $0.64 (0.79%) to $80.54 per barrel.

December futures for WTI fell in price on the New York Mercantile Exchange NYMEX by $0.63 (0.82%), to $76.03 per barrel.

Commercial oil reserves in the US increased by 3.6 million barrels in the week ending November 10, the Department of Energy said. A week earlier they rose by 13.87 million barrels. Thus, the increase in reserves over two weeks amounted to 17.5 million barrels.

Experts surveyed by S&P Global Commodity Insights on average expected an increase in oil reserves over this period by 4.5 million barrels, MarketWatch reports.