Oil prices rise by over 1%

Benchmark oil prices continued to rise this morning, Report informs.

The price of November futures for Brent oil on the London ICE exchange increased by 1.01%, and reached $94.91 per barrel.

Quotes of futures for WTI oil for November in electronic trading on the New York Mercantile Exchange NYMEX increased by 1.06% and amounted to $91.35 per barrel.

Prices are being weighed down by fears that demand will far outstrip supply following decisions by Saudi Arabia and Russia to extend voluntary production cuts. Market participants also evaluate signals about changes in energy reserves in the United States.

According to the American Petroleum Institute (API), oil inventories in the United States rose by 1.59 million barrels last week. A week earlier, reserves fell by 5.25 million barrels.

Official data from the US Department of Energy will be published later today.