Oil prices inch up ahead of OPEC+ decision on supply cuts
Oil prices edged higher on Thursday, supported by lower U.S. inventories, as investors waited for a decision from key producers on whether they would maintain or reduce supply cuts in the second half of the year.
Brent crude for September gained 15 cents, or 0.2%, to $74.77 a barrel by 0629 GMT while the U.S. West Texas Intermediate crude for August was at $73.69 a barrel, up 22 cents, or 0.3%.
WTI rose more than 10% in June while Brent added over 8%, touching their highest levels since October 2018, as more people were vaccinated against COVID-19 and summer travel picked up.
Reference: Reuters
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