Oil prices rise on potential OPEC+ supply cuts

Read on the website Vestnik Kavkaza
Vestnik

Oil prices rose on Thursday on mounting supply tightness concerns, 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.