The oil market is on the rise in the middle of the week

Oil quotes accelerated growth on Wednesday amid hopes for a recovery in demand in China and fears of supply disruptions due to earthquakes in Turkey. 

In addition, risky assets, including oil, were supported by statements made yesterday by the head of the US Federal Reserve System Jerome Powell, which turned out to be not as «hawkish» as the market expected.

The current price of Brent crude oil is $84.80 per barrel. Yesterday, the asset quotes were located at $81.60 per barrel. North American WTI crude is trading near $78.30 after yesterday's decline to $74.80 per barrel. 

Additional support for the oil market is provided by the words of the head of the International Energy Agency, Fatih Birol, that the recovery of China's economy may proceed at a more active pace than expected. And this, in turn, will lead to a global increase in demand for oil and natural gas.

Today, data from the US Department of Energy on crude oil reserves in the country will have an impact on the market. Analysts predict an increase in oil reserves by about 2.5 million barrels. Yesterday's report from the American Petroleum Institute (API) indicated a reduction in reserves in the United States by 2.18 million barrels per week.