Oil prices rose steadily in trading on Thursday, unreacted to US President Joe Biden’s decision to release 15m barrels from the Strategic Petroleum Reserve (SPR) in December.

The growth in optimism in the market is supported by signals of a possible softening of China’s tough policy against the spread of the coronavirus. Also, the prospects of a reduction in global oil reserves against the background of the OPEC+ decision to reduce production continue to support quotations.

Why is the cost of oil rising?

Data from the U.S. Department of Energy published on Wednesday showed a 1.7 million-barrel decline in oil reserves in the country over the week that ended on October 14. Experts polled by S&P Global Commodity Insights predicted an average decline of 1.2 million barrels.

Gasoline inventories in the United States last week decreased by 100,000 barrels, while distillate stocks increased by 100,000 barrels.

The value of December futures for Brent on London’s ICE Futures Exchange on Thursday is $94.00 per barrel, up $1.59 (1.72%) from the previous session’s close.

The price of WTI crude futures for November on electronic trading on the New York Mercantile Exchange (NYMEX) rose by that time by $2.26 (2.64%) to $87.81 a barrel.

November WTI futures expire at the market close on Thursday. More actively traded December contracts rose $2.10 (2.48%) to $86.62 a barrel in trading.

Earlier we reported that the Dollar was appreciating against most currencies.