Oil closes higher; Brent exceeds $83

Oil turned higher today, May 13, as investors prepared for the OPEC+ ministers' meeting on June 1, with voluntary production cut plans scheduled to end next month.

Brent crude futures for July delivery rose 0.7%, or 57 cents, to close at $83.36 a barrel, after falling during the session to $82.26.

WTI crude for June delivery rose 1.1%, or 86 cents, to record $79.12 per barrel, after falling during trading to $77.78.

The Iraqi Oil Minister said on May 12 that his country is committed to the voluntary oil production reduction plans agreed upon by the OPEC, and is keen to cooperate with member states in efforts to achieve greater stability in global oil markets, Reuters reported, citing the government news agency.

Investors are awaiting the release of important reports this week, as OPEC and the International Energy Agency announce their monthly forecasts for the oil market, coinciding with inflation data in the United States.