BAKU, Azerbaijan, August 30. On Wednesday morning, global oil prices rose significantly after the publication of data by the American Petroleum Institute (API), which showed a significant reduction in commercial oil reserves in the US, Trend reports.
According to trading data, the price of November futures for North Sea Brent crude rose by 0.33 percent and reached $85.19 per barrel, while October futures for WTI crude rose by 0.44 percent to $81.5.
Investors showed particular interest in the data presented by API. The organization reported that commercial oil inventories in the US decreased by 11 million barrels in the past week to August 25. The official statistics, which will be released later in the day, will show the exact picture. According to analysts' estimates, a decrease of only 3 million barrels was expected after a previous decline of 6 million barrels last week.
The oil market is also awaiting the release of data on the Chinese economy on Thursday. China's State Statistics Office will present the business activity index (PMI) in the country's industrial sector. The index is expected to rise to 49.4 points in August, up from the previous reading of 49.3 points in the previous month.