Oil rises in price by almost 1%

World oil prices rose by an average of 1% on Thursday morning against the backdrop of several positive factors, Report informs.

The price of October futures for Brent crude rose by 0.92% to $83.32 per barrel, and September futures for WTI went up by 1.09% to $79.64.

Oil quotes, in particular, support the risk appetite of Asian traders. Also, the stock indexes of China, one of the world's largest consumers and importers of oil, are rising.

At the same time, markets are evaluating the weekly statistics on commercial stocks in the US, published the day before. For the week ending July 21, the index fell by 0.6 million barrels (0.1%) to 456.8 million barrels. A decrease of 2.4 million barrels was expected. And oil production in the country decreased by 100,000 barrels per day to 12.2 million barrels per day.

The weakening of the US dollar is also a positive factor for the oil market - this makes oil more accessible when buying in another currency. Against the euro and the yen, the dollar is depreciating by 0.2%.