Oil rises moderately amid decline in US crude inventories

World oil prices rose slightly on August 17 morning after August 16 fall, as markets are reacting to data from the American Petroleum Institute (API) on a decline in US crude inventories, Report informs referring to the auction data.

The price of October futures for Brent crude rose by 0.78%, to $94.06 per barrel, and September futures for WTI increased by 0.87%, to $87.3.

Oil prices on August 17 morning are growing after the release of statistics on the stocks of this crude in the United States. According to the API, commercial oil inventories for the week ended August 12 fell by 0.45 million barrels. The US Department of Energy will release official inventory data later on August 17.

In addition, the reason for the rise in prices for oil may be an adjustment after a three-day decline in the cost of this type of raw material. So, during these three days, Brent crude oil fell by 7.5%, and WTI oil dropped by 8.5%. In particular, on August 16, the price of Brent fell below $92 per barrel for the first time since the winter.