World oil prices rise slightly on several factors

World oil prices are growing slightly on Thursday morning amid a number of factors, Report informs, citing the auction data.

The price of October futures for Brent crude rose symbolically by 0.13%, to $93.77 per barrel, and the futures for WTI with the settlement in September grew by 0.1%, to $88.2.

On Thursday morning, oil prices in general change little, as markets are reacting to a number of factors. On the one hand, the oil prices are affected by data on the decline in the US inventories over the past week. Commercial oil reserves in the country (excluding the strategic reserve) fell during the week at the fastest pace since April - by 7.1 million barrels, to 425 million barrels.

On the other hand, prices are also impacted by the US Fed Protocol, published a day earlier. Some participants of the meeting came to the conclusion that as monetary policy tightens further, at some point it will be advisable to slow down the pace of rate increases. At the same time, the other part believes that when the rate reaches a sufficiently high level, it will be advisable to maintain it at this level in order to bring inflation down to 2%.

The markets fears about the imminent economic recession have increased, which, in turn, will significantly reduce demand for oil.