Oil prices rose on Wednesday morning after a sharp decline in the previous session, Report informs via Interfax.

July futures for Brent oil rose in price on the London ICE Futures exchange by $0.51 (0.62%), to $82.89 per barrel.

June futures for WTI rose in price in e-trading on the New York Mercantile Exchange NYMEX by $0.54 (0.69%) to $78.56 per barrel.

The day before, both brands finished trading at lows since March 12 after OPEC maintained its forecast for global oil demand in 2024, which envisages an increase of 2.25 million barrels per day to 104.46 million bpd.

Traders also weighed US inflation signals for how they might influence the Federal Reserve's view of the future path of interest rates. Producer prices in the United States (PPI index) grew by 2.2% YoY in April, the fastest rate in a year, the figure coincided with the consensus forecast of experts, as cited by Trading Economics.

The American Petroleum Institute (API) reported that in the week ending May 10, oil reserves in the United States fell by 3.1 million barrels.