Oil rises more than 1% on smaller-than-expected rise in crude stocks

SINGAPORE - Oil prices rose more than 1% on Thursday, recouping losses from the previous day on a smaller-than-expected rise in crude oil inventories in the United States, although the gains were capped by uncertainties over cuts by major oil producers.

Volumes were low, however, reflecting that “there is not a lot of confidence in the moves,” said Michael McCarthy, chief market strategist at brokerage CMC Markets in Sydney. “If OPEC+ settles with something in the middle of the Russian request of no change in cuts and the 1.5 million Saudi goal, that might not be enough to keep prices supported here,” said Edward Moya, senior market analyst at broker OANDA.

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