In the latest trading session, oil prices experienced a modest increase on Thursday, driven by investor caution ahead of anticipated production cuts by the OPEC+ alliance. Oil Prices Rise.
Brent crude futures climbed by 13 cents, or 0.2%, reaching $83.23 per barrel. Similarly, the futures for West Texas Intermediate, the U.S. benchmark, rose by 17 cents, also gaining 0.2%, to settle at $78.03 per barrel.
This uptick follows a nearly 2% rise in the previous session for both benchmarks, fueled by hopes of a supportive decision from the OPEC+ group. This alliance, comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, is speculated to make a move that would bolster oil prices.
Additionally, the U.S. Energy Information Administration reported an unexpected increase in crude oil and distillate inventories last week, indicating a potential dip in demand. The data also showed a higher-than-expected rise in gasoline stocks.
For more detailed insights and updates on oil market trends, visit dzwatch.net. Oil Prices Rise.
