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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