Reuters) -Oil prices edged higher on Thursday, supported by lower U.S. inventories,
as investors waited for a decision from key producers on whether they would maintain or reduce supply cuts in the second half of the year.
ose more than 10% in June while Brent added over 8%, touching their highest levels since October 2018, as more people were vaccinated against COVID-19 and summer travel picked up.
Analysts had forecast a larger supply deficit globally in the second half of the year as the Organization of the Petroleum Exporting Countries and their allies, known as OPEC+, maintained production cuts while demand rises.
Last year the group had agreed to record output cuts of about 10 million barrels per day (bpd) starting from May 2020
and due to be phased out by the end of April 2022.
It reduced supply cuts between May and July by 2.1 million bpd and will meet on Thursday to decide whether to leave production unchanged or boost output, possibly by more than 1 million bpd or by a more modest 0.5 million bpd in August.
as investors waited for a decision from key producers on whether they would maintain or reduce supply cuts in the second half of the year.
ose more than 10% in June while Brent added over 8%, touching their highest levels since October 2018, as more people were vaccinated against COVID-19 and summer travel picked up.
Analysts had forecast a larger supply deficit globally in the second half of the year as the Organization of the Petroleum Exporting Countries and their allies, known as OPEC+, maintained production cuts while demand rises.
Last year the group had agreed to record output cuts of about 10 million barrels per day (bpd) starting from May 2020
and due to be phased out by the end of April 2022.
It reduced supply cuts between May and July by 2.1 million bpd and will meet on Thursday to decide whether to leave production unchanged or boost output, possibly by more than 1 million bpd or by a more modest 0.5 million bpd in August.