Oil prices edge higher

Oil drilling rigs

Oil prices edged up today, May 11, marking the fourth rise in five sessions as US dollar head steady and amid supressed supplies in a number of regions around the world.

International benchmark Brent crude was trading up 0.80% at $77.03 a barrel, at 08:01 am Makkah time.

West Texas Intermediate (WTI) crude rose 0.80% to $73.13 a barrel.

Meanwhile, the dollar index, which measures its value against a basket of major currencies, was steady at 101.49 points after declining on May 10 amid expectations that the US Federal Reserve's monetary tightening cycle will stop temporarily.

Canada's crude supplies have been hit by a series of wildfires across the oil-rich Alberta region, while Iraq said it was still waiting for Turkey to resume exports through the port of Ceyhan after a prolonged hiatus.

Reports based on data from the Russian Energy Ministry revealed that oil production in the country decreased by more than 400,000 barrels per day during April, compared to February levels that precede the voluntary cut announced by Moscow.

On the other hand, US oil exports fell by 1.86 million barrels per day last week, and production stood at 12.30 million barrels, according to data from the Energy Information Administration.