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

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

Oil prices rose on Thursday, supported by lower U.S. inventories and the prospect of strengthening demand, while investors awaited a decision from OPEC+ producers on whether they would maintain or reduce supply cuts in the second half of the year.

Brent crude gained 94 cents, or 1.3%, to $75.56 a barrel by 0910 GMT. U.S. West Texas Intermediate crude was up 93 cents, or 1.3%, at $74.40.

WTI rose more than 10% in June while Brent added more than 8%, touching their highest levels since October 2018.

Analysts expect oil demand to gather pace in the second half of the year as more people are vaccinated against COVID-19 and travel restrictions are eased.