Oil prices rise ahead of US inventories data release

Oil prices edged up on Thursday on hopes that OPEC+ will hold the oil production cuts for longer than planned as the rise in coronavirus cases continues to maintain pressure on oil demand recovery.

The OPEC+ is considering extending the agreement to cut production for a period ranging between three months and six months, Bloomberg reported, citing sources. The group will meet at the end of this month to discuss production levels.

OPEC + agreed earlier this year to start easing production cuts in January, from its current reduction level of 7.7 million barrels per day.

In terms of trading, Brent crude was trading up 0.1% to $43.86 a barrel, at 08.55 am Makkah time.

WTI crude also rose 0.2% to $41.53 a barrel.

The Energy Information Administration (EIA) is due to release US stockpile data for last week later today.