Oil prices rise over declining US output

As of 08:23 (MSK) the prices of August futures for Brent oil increased by 0.75% to $48.42 per dollar on the ICE Exchange in London. The July futures for WTI oil rose by 0.66% to $46.02 per barrel at the New York Mercantile Exchange (NYMEX), RIA Novosti reported.

Crude production last week edged lower, with total output down 24,000 barrels a day to 9.318 million barrels, the EIA data Wednesday showed.

Crude stocks at the Cushing, Oklahoma, delivery hub fell by 1.4 million barrels, the EIA said.