Oil rises marginally as markets weigh inventory data, US ratings downgrade

Oil prices rose slightly in early Asian trading on Thursday, as markets weighed bullish U.S. inventory data on Wednesday and a likely extension of OPEC+ output cuts against the fallout of Fitch’s downgrade of the U.S. government’s top credit.

Brent crude futures rose 27 cents, or 0.32%, to $83.47 a barrel by 0001 GMT, while U.S. West Texas Intermediate crude climbed 29 cents, or 0.36%, to $79.78 a barrel.