Oil rises on Biden's statement regarding decline in US inventories

Global oil prices continued their ascending movement on Thursday after US President Joe Biden reported a decline in the country's strategic oil stocks, Report informs, citing the results of the trading.

December futures for Brent rose by 0.84% to $93.19 per barrel and December futures for WTI grew by 1.35% to $85.67.

Investors are focusing on several factors promotes the growth in prices. China is considering the reduction in the number of quarantine days for arrivals. If the country mitigates quarantine measures, oil prices may surge on growing demand for fuel.