Oil prices declined on Thursday ahead of OPEC’s monthly oil report and after it was reported that Saudi Arabia and the United Arab Emirates (UAE) had reached a compromise over the OPEC+ oil supply deal.
The international benchmark Brent crude was trading down 0.9% at $74.11 per barrel, at 9.05 am Makkah time.
WTI crude fell 1% to $72.38 per barrel.
“It seems OPEC+ will shortly have a plan to raise output and that is welcomed news as surging demand had oil market getting too tight,” Reuters reported, citing Edward Moya, OANDA analyst.
Meanwhile, US crude oil stockpiles fell for the eighth straight week last week, the Energy Information Administration (EIA) data showed.
Crude inventories fell by 7.9 million barrels in the week to July 9.
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