Oil prices rise ahead of OPEC+ meeting | Reuters

Oil prices rise ahead of OPEC+ meeting | Reuters

Oil prices rose on Thursday, lifted by expectations that OPEC and its allies will stick to slow output increases despite calls from the United States and large importers for additional supply to cool prices.

Brent crude was up 94 cents, or 1.2%, at $82.93 a barrel by 0940 GMT and U.S. West Texas Intermediate crude rose 62 cents, or 0.8%, to $81.48.

The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, a group known as OPEC+, meets later on Thursday and is expected to reconfirm plans to keep monthly supply increases at 400,000 barrels per day (bpd). read more

"Oil prices have traded in a narrow range thus far this week, with investors assessing the likelihood of OPEC+ succumbing to pressure to add more crude to global oil markets as well as deliberations from the Federal Reserve policy meeting," said Ehsan Khoman, head of emerging markets research at MUFG.