Oil prices edge up on U.S. crude stocks, possible delay to OPEC+ supply hike

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Energy News

Oilprice

Brent crude for November rose 42 cents to $73.12 a barrel by 0810 GMT, while U.S. West Texas Intermediate crude for October was up 37 cents to $69.57

Oil prices firmed on Thursday, edging up from multi-month lows on a possible delay to output increases by OPEC+ producers and a decline in U.S. inventories, though the gains were capped by persisting demand concerns.

“There is a pause of breath and light reprieve for oil prices this morning,” said PVM analyst John Evans, citing the API report’s findings. Further support came from discussions between the Organization of the Petroleum Exporting Countries and allies led by Russia, known collectively as OPEC+, about delaying output increases due to start in October, sources told Reuters on Wednesday.

 

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