Oil prices rise after API releases US crude stockpile data

World oil prices are rising on Wednesday morning after the publication of statistics from the American Petroleum Institute (API) on crude reserves in the United States, Report informs referring to trading data.

The price of October Brent crude futures rose by 0.61% to $68.05 per barrel, while September WTI futures also rose by 0.61% to $65.56.

According to API data published on Wednesday night, commercial oil reserves in the United States fell by 4.2 million barrels for the week ending August 1, while analysts expected a reduction of 1.8 million.

Later on Wednesday, the country's Ministry of Energy will publish official data. For the week ending July 25, reserves increased by 7.7 million barrels to 426.7 million.

Commodity prices are also recovering after four consecutive trading sessions of decline. During this time, Brent and WTI brands fell in price by 6.7%.