Oil prices climbed higher on Thursday ahead of an OPEC meeting in which Saudi Arabia is expected to push the group and its allies including Russia to agree to further output cuts to support the market.
Prices were also supported by a lower-than-expected rise in crude oil inventories in the United States, alleviating some concerns of oversupply in the world’s biggest oil consumer.
Brent crude rose by 46 cents, or 0.9%, to $51.58 per barrel by 0734 GMT, while U.S. West Texas Intermediate (WTI) was up by 37 cents, or 0.8%, at $47.15 per barrel.
More production curb is needed to shore up crude prices.” U.S. crude stocks rose modestly last week, less than what analysts had expected, while U.S. oil exports surged to more than 4 million barrels per day (bpd) for the first time since December, suggesting a rise in overseas demand.
Source : Reuters