Oil prices sharply increased amid potential delays in OPEC+ plans to boost production and declining stockpiles in the U.S., according to a report by Reuters.
After falling to multi-month lows, Brent crude futures rose by 15 cents, or 0.1%, reaching $72.85 per barrel. WTI crude futures also gained 15 cents, or 0.22%, hitting $69.35, following a 1.6% drop in the previous session to the lowest closing since December.
OPEC+ had initially planned to increase output by 180,000 barrels per day in September as part of a gradual phase-out of recent production cuts totaling 2.2 million bpd. However, ongoing disputes over Libyan exports and weak demand from China have led the group to reconsider its plans.
Prices were further supported by a decline in U.S. crude and fuel stockpiles, as reported by the American Petroleum Institute (API).
