Oil prices rise slightly

Global oil prices rose slightly. Markets evaluate multidirectional factors that affect supply and demand, Report informs.

The price of October futures for Brent crude rose slightly by 0.07% to $86.27 per barrel.

The cost of September WTI futures also rose by 0.07% to $82.57.

The current price levels can be balanced by the prospects of a reduction in supply in the market on the one hand and a decrease in demand from China on the other. So, earlier on August 15, the State Bureau of Statistics of the PRC reported that the volume of production of large industrial enterprises in China in January-July 2023 increased by 3.8% compared to the same period last year, in July by 3.7%, although analysts had expected a 4.4% increase in July.

Markets are keeping an eye on China’s macroeconomic data as it is one of the largest oil importers.