Oil prices increased on October 31 following a strong rise in the previous session based on data showing a decrease in energy reserves in the US, Report informs via Interfax.
The price of December Brent crude futures on the London ICE Futures exchange was $73.02 per barrel, which is $0.47 (0.65%) higher than the previous trading session's close.
WTI crude futures for December on the New York Mercantile Exchange (NYMEX) electronic trading increased by $0.44 (0.64%) to $69.05 per barrel.
Commercial oil reserves in the US decreased by 515,000 barrels to 425.51 million barrels last week, as reported by the country's Department of Energy. Gasoline inventories decreased by 2.71 million barrels, while distillates decreased by 977,000 barrels.
The oil market on October 31 was supported by positive statistical data from China, which increased optimism regarding the economy of China - the world's largest oil importer.