Oil Advances as Major Producers Expected to Keep Output Cuts in Place

Market

Oil prices rose in Asian trading on Wednesday on expectations major producers will maintain output cuts at a meeting this Sunday, and that fuel consumption should begin rising with the start of the peak summer demand season.

Brent crude futures for July delivery added 15 cents, or 0.2%, to $84.37 a barrel. US West Texas Intermediate futures for July climbed 25 cents, or 0.3%, to $80.08.

Both benchmarks gained more than 1% a day earlier.

Traders and analysts expect the Organization of the Petroleum Exporting Countries and its allies including Russia, known as OPEC+, to keep voluntary production cuts totalling about 2.2 million barrels per day in place.

Investors were also watching out for US crude inventory data from the American Petroleum Institute being released later in the day.

The US core Personal Consumption Expenditures Price Index report for April is due on Friday.

Source: Qatar News Agency