Oil prices edged up after plunging to multi-month lows previously as major producers may delay an output increase planned for next month and U.S. inventories fell, though the gains were limited by persistent demand concerns.
Brent crude futures for November rose 15 cents, or 0.1%, to $72.85 at 0402 GMT after dropping 1.4% in the previous session to their lowest close since June 27, 2023.
U.S. West Texas Intermediate crude futures for October were up 15 cents, or 0.22%, to $69.35 after dropping 1.6% on Wednesday to the lowest settlement since Dec. 11.
“Pessimistic sentiments in oil markets seem to ease after robust API data and news of OPEC+ reconsidering output jump, surfaced and boosted hopes,” said Priyanka Sachdeva, senior market analyst at Phillip Nova.
The Organization of the Petroleum Exporting Countries and allies led by Russia, known as OPEC+, is discussing delaying its oil output increase scheduled to start in October after prices have tanked, four sources from the producer group told Reuters on Wednesday.
