Oil rises slightly after falling day earlier

World oil prices rose slightly on Thursday morning after falling by more than 2% on Wednesday, which was associated with the release of the US statistics.

Report informs, citing the auction data, that the price of October futures for Brent crude rose by 0.07% to $83.26 per barrel, and September futures for WTI went up by 0.05% to $79.53.

On Wednesday, prices fell 2.5% and 2.3%, respectively, after the release of weekly statistics on commercial stocks in the US. Although the index showed a record decline of 17 million barrels in the week to July 28, gasoline inventories rose unexpectedly.

As part of its deal, OPEC+ is cutting oil production by 2 million barrels per day until the end of 2023. At the last ministerial meeting in June, the alliance announced that it would cut oil production by about 1.4 million bpd from 2024. The next meeting is scheduled for August 4.