Oil prices rise slightly ahead of US statistical data

Global oil prices rose slightly on July 12 morning, while markets await the release of statistical data from the US, Report informs referring to the auction data.

The price of September futures for Brent crude rose by 0.14% to $79.51 per barrel, August futures for WTI grew by 0.15% to $74.94.

Markets are waiting for inflation statistics from the US, which the country's Department of Labor will publish later on July 12. Analysts believe that in June, consumer prices rose by 3.1% in annual terms after increasing by 4% a month earlier.

Investors are also evaluating the American Petroleum Institute (API) data released on July 12 night on US commercial oil reserves. For the week to July 7, the figure increased by 3.026 million barrels. Official statistics will be published by the US Department of Energy later on July 12. Analysts forecast an increase of only 0.48 million barrels after falling by 1.5 million a week earlier.