Global oil prices rose on October 25 morning on reports of decline in reserves, according to trading data, Report informs citing Prime agency.
As of 8:42 (GMT+4), the price of January futures for Brent crude rose by 0.79% to $85.31 per barrel, while the price of December futures for WTI rose by 0.98% to $84.58 per barrel.
Data from Baker Hughes on October 22 indicated a potential drop in oil production as the number of active US oil rigs fell by two for the first time in seven weeks to 443 this week.
In addition, oil inventories in Cushing, Oklahoma, are rapidly approaching critically low levels and are expected to decline, according to the Wall Street Journal analysts at UOB.
The last time this happened, oil was worth more than $100 per barrel, the experts added.
Brent crude prices were also boosted by comments from Saudi Arabia that OPEC+ should maintain its cautious approach to managing global commodity supply given the threat to demand that the pandemic still poses.