Oil prices edge up as OPEC+ may delay supply hike, US stockpiles fall
Oil prices edged up after plunging to multi-month lows previously as major producers may delay an output increase planned for next month and U.S. inventories fell, though the gains were limited by persistent demand concerns.
Brent crude futures for November rose 35 cents, or 0.48%, to $73.05 a barrel at 0607 GMT after dropping 1.4% in the previous session to their lowest close since June 27, 2023. U.S. West Texas Intermediate crude futures for October were up 35 cents, or 0.51%, to $69.55 after dropping 1.6% on Wednesday to the lowest settlement since Dec. 11.
The Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, known as OPEC+, is discussing delaying its oil output increase scheduled to start in October as prices have tanked, four sources from the producer group told Reuters on Wednesday.
Last week, OPEC+ was set to proceed with its 180,000 barrels-per-day (bpd) output hike in October, part of a plan to gradually unwind its most recent cuts of 2.2 million bpd.
But the potential end to a dispute halting Libyan exports and soft Chinese demand has pushed the group to reconsider.
Prices on Thursday also found support after American Petroleum Institute (API) data showed U.S. crude oil fell by 7.431 million barrels last week. This was more than analysts' expectation in a Reuters poll of a 1 million barrel draw.
Source: Reuters
