The price of the futures contract for Brent crude oil with August delivery on London's ICE increased by 1.31 percent and reached USD40.09 per barrel on Wednesday.
OPEC and its allies are edging closer to agreeing to extending production cuts to prop up the market, even as wrangling continued for a third day about whether to bring forward their next meeting.
Oil swung between gains and losses as a drop in US crude stockpiles was offset by rising fuel inventories, while uncertainty swirled over the future of output curbs by OPEC and its allies.
Dear valued readers, subscribe to the Daily Trust e-paper to continue enjoying our diet of authoritative news. Earlier in the session, oil fell when Bloomberg reported the Thursday meeting was in doubt. West Texas Intermediate (WTI) crude for July fell $0.79, or 2.2%, to $36.02.
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According to sources, the alliance's ministers could extend this level of reduction after June, while earlier they meant to relax restrictions.
As part of the OPEC+ deal, Iraq needs to cut around 1 million barrels per day (bpd) of its production, which stood at 4.585 million bpd in March 2020, as per OPEC's secondary sources in its latest Monthly Oil Market Report (MOMR).
With the date of the meeting not yet set and some calling for it to be early as this week, much remains up in the air, however.
Pointing to demand recovery, the services sector in China, the world's second-biggest oil consumer, returned to growth last month, a survey showed.
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This compared with 100.2 million bpd in 2019, it said, before the pandemic swept through Europe and the United States, evaporating demand for everything from flying to trips to the dentist.
The DOE inventory data today was mixed with crude oil inventories showing a surprise drawdown of -2.07 million barrels vs. +3.0 million build estimate.
The rise in gasoline and distillates inventories is also a concern because it indicates low demand, which can only mean we're not likely to see a V-shaped recovery in the economy. The government's official supply report is due out later on Wednesday.
Those figures still show the US stockpiles remain high and are forecast to have risen for a second week in a row.
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