Oil prices up about 2% on OPEC+ output, demand prospects | Reuters

Oil prices up about 2% on OPEC+ output, demand prospects | Reuters

Oil prices rose roughly 2% on Thursday on indications that OPEC+ producers could increase output more slowly than expected in coming months, while rising global fuel demand causes supply to tighten.

Brent crude settled at $75.84 a barrel, up $1.22, or 1.6%. U.S. West Texas Intermediate crude settled at $75.23 a barrel, gaining $1.76, or 2.4%.

During the session, both benchmarks climbed by more than $2 a barrel, reaching their highest since October 2018.

Futures pared gains after the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, delayed its ministerial meeting until Friday to hold more talks on oil output policy, sources said, after the United Arab Emirates blocked a plan for an immediate reduction in supply cuts. read more

"Such a delay in talks is unusual and would appear to indicate some significant discord within the organization between participants," said Jim Ritterbusch of Ritterbusch and Associates.