Oil prices rise on Wednesday

Oil prices gained on Wednesday morning as the market waited for the decision from the meeting by OPEC and its allies on the future level of output cuts later in the day.

Brent crude rose 19 cents to $43.09 a barrel, while US crude futures went up 17 cents to $40.46 a barrel.

Global oil demand will soar by a record 7 million barrels per day (mbpd) in 2021, the Organization of the Petroleum Exporting Countries (OPEC) said in its monthly report.

Crude prices have recovered sharply from multi-decade lows in April as the OPEC+ cut production by 9.7 mbpd over May to July.

Meanwhile, OPEC’s Joint Ministerial Monitoring Committee (JMMC) is holding a meeting to recommend the next level of cuts after compliance in the group hit 107% in June, up from 77% in May.