Oil prices rose slightly, but oversupply concerns are holding back gains
Kyiv • UNN
Oil prices rose after a fall, as a reduction in US inventories offset speculation about an end to the Russian-Ukrainian war. Brent and WTI futures recovered in price after reports of a possible action plan to end the war.
Oil prices rose slightly on Thursday after falling in the previous session, as a larger-than-expected reduction in US oil inventories offset speculation that US efforts to end the Russian-Ukrainian war could increase market supply, UNN reports with reference to Reuters.
Details
Brent crude futures rose 20 cents, or 0.31%, to $63.72 a barrel by 07:14 GMT (09:14 Kyiv time), while US West Texas Intermediate crude futures rose 22 cents, or 0.37%, to $59.66.
Both benchmark grades recovered slightly in price after falling 2.1% on Wednesday. The decline followed a Reuters report that the US had signaled to Ukraine to accept a US-developed action plan to end Russia's war against Ukraine.