Oil rises amid decline in US inventories

Global oil prices rose slightly on July 27 after data from the American Petroleum Institute (API) on a decrease in its reserves in the US, Report informs referring to the auction data.

The price of October futures for Brent crude rose by 0.07% to $99.53 per barrel, and September futures for WTI rose by 0.35% to $95.31.

US commercial oil inventories fell by 4 million barrels in the week ended July 22, according to API data. The US Department of Energy will release data on official inventories later on July 27. According to analysts, the department will report a reduction by 1 million barrels.