Oil prices were little changed after erasing early losses on Thursday after OPEC+ agreed to boost crude output to compensate for a drop in Russian production.
The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, known as OPEC+, agreed to raise output by 648,000 barrels per day (bpd) in July and 648,000 bpd in August, a source told Reuters.
Oil prices could get more support later on Thursday if analysts' forecasts are correct that U.S. crude inventories declined by around 1.4 million barrels last week.
The American Petroleum Institute (API), an industry group, said on Wednesday that U.S. crude stocks fell by 1.2 million barrels in the week ended May 27.
The U.S. Energy Information Administration (EIA) will issue the official report at 11:00 a.m. EDT (1500 GMT) on Thursday, a day later than usual following Monday's U.S. Memorial Day holiday.
Brent futures rose 40 cents, or 0.3%, to $116.69 a barrel by 9:36 a.m. EDT (1336 GMT), while U.S. West Texas Intermediate (WTI) crude rose 49 cents, or 0.4%, to $115.75.
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