Oil prices witnessed a rise today, Wednesday, supported by a decline in American inventories and oil sands field fires in Canada. Brent crude oil rose to about $83 after falling 1.2% yesterday, Tuesday, and West Texas Intermediate crude oil recorded above $78.

The Petroleum Institute indicated that crude oil inventories in America decreased and recorded 3.1 million barrels during the past week, with a decrease in the monitoring center, and the international agency, which is located in Paris, is expected to issue a monthly assessment.

Oil is still maintaining this year's gains; The OPEC alliance reduced production with the aim of preventing a glut in the markets, in addition to supporting global prices.

During the period before the decision to extend the restrictions is taken at the meeting of the first of next June, members are wrestling with the issue related to the amount of crude oil that can be pumped. Many countries that export oil aim to increase their production rates.

Consumer price data is expected to be released in the United States of America, especially after the inflation index for producers in the world's largest economy remained high.

Federal Reserve Chairman Jerome Powell indicated that the central bank must be patient and wait for evidence that price pressures are beginning to ease, which doubles the need to keep borrowing costs high for a longer period.