Oil rises amid demand, supply developments

Oil prices edged higher on Thursday amid signs of increasing demand in the US and as OPEC+ studies supply developments.

The international benchmark Brent crude was trading up 0.2% at $75.36 per barrel, at 9.00 am Makkah time.

WTI crude rose 0.3% to $73.26 per barrel.

US crude inventories fell by 7.6 million barrels in the week ending June 18, to 459.1 million barrels, their lowest since March 2020, according to US Energy Information Administration.

Meanwhile, according to media reports, OPEC + is studying the possibility of a gradual increase in crude production starting August.

“Unless OPEC+ decides next week to increase output more than expected for August and later, oil prices are expected to stay at the current high range for a while,” Reuters reported, citing Tetsu Emori, CEO of Emori Fund Management Inc.