Oil prices rise on potential OPEC+ supply cuts; BP shuts U.S. refinery units | Reuters

Oil prices rise on potential OPEC+ supply cuts; BP shuts U.S. refinery units | Reuters

Oil prices rose on Thursday on mounting supply tightness concerns amid disruptions to Russian exports, the potential for major producers to cut output, and the partial shutdown of a U.S. refinery.

Brent crude rose 45 cents, or 0.4%, to $101.67 a barrel by 0630 GMT, while U.S. West Texas Intermediate crude was up 32 cents, or 0.3%, at $95.21 a barrel.

Both crude oil benchmark contracts touched three-week highs on Wednesday after the Saudi energy minister flagged the possibility that the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, will cut production to support prices.

"Brent crude oil prices rebounded above the $100/barrel mark following Saudi officials showing willingness to defend prices via an OPEC+ production cut if necessary," Citi analysts said in a note.

Discussions on an agreement on Iran's nuclear programme remain stalled, calling into question any resumption of its exports. read more

Talks between the European Union, the United States and Iran to revive the 2015 nuclear deal are continuing, with Iran saying it had received a response from the United States to the EU's "final" text to resurrect the agreement.