Global oil prices up on expectations around OPEC report

Global oil prices rose Tuesday morning as markets await the release of OPEC's monthly oil market report, Report informs via trading data.

The price of November futures for Brent oil increased by 0.36%, to $90.97 per barrel, and October futures for WTI rose by 0.44%, to $87.67.

Later on Tuesday, OPEC will release its monthly report, in which the organization will assess the oil market and update its forecasts. The document may contain important supply and demand signals for the market, which may affect oil prices.

The rise in oil prices is also supported by an increase in US stock markets, which closed in positive territory on Monday. Traders' risk appetite has traditionally been a supporting factor for oil prices.

Weekly US statistics on commercial inventories in the country will be released on Wednesday. Analysts believe that the figure for the week to September 8 fell by 2 million barrels after a decline of 6.3 million barrels the week before.