Oil prices inch up ahead of OPEC+ decision on supply cuts | Reuters

Oil prices inch up ahead of OPEC+ decision on supply cuts | Reuters

Oil prices edged higher on Thursday, supported by lower U.S. inventories, as investors waited for a decision from key producers on whether they would maintain or reduce supply cuts in the second half of the year.

Brent crude for September gained 15 cents, or 0.2%, to $74.77 a barrel by 0629 GMT while the U.S. West Texas Intermediate crude for August was at $73.69 a barrel, up 22 cents, or 0.3%.

WTI rose more than 10% in June while Brent added over 8%, touching their highest levels since October 2018, as more people were vaccinated against COVID-19 and summer travel picked up.

Analysts had forecast a larger supply deficit globally in the second half of the year as the Organization of the Petroleum Exporting Countries and their allies, known as OPEC+, maintained production cuts while demand rises.