Oil Prices Rise on Supply Picture, Weak Chinese Data Weighs

An oil pump of IPC Petroleum France is seen at sunset outside Soudron, near Reims, France, on Aug. 24, 2022. Pascal Rossignol/Reuters

LONDON—Oil prices rose on Thursday, boosted by a large drawdown in U.S. crude inventories and production cuts by OPEC+, but a slowdown in China’s manufacturing activity limited gains.

Brent crude futures for October, expiring on Thursday, rose 45 cents, or 0.5 percent, to $86.31 a barrel by 1004 GMT. The more active November contract was up 25 cents, or 0.3 percent, at $85.49.