Oil Prices Increase as U.S. stockpiles fall, OPE Agrees for Discussion

The prices of oil rose by over 3% on Thursday, as per official data. The U.S. crude stocks dropped more than predicted and the Organization of the Petroleum Exporting Countries (OPEC) and different producers finally set a date for discussion on output cuts.

Brent crude futures had increased 82 cents, or 1.3%, to $62.64 by 0026 GMT. They fell 0.5% on Wednesday.

U.S. West Texas Intermediate (WTI) crude futures were rose 79 cents, or 1.5%, at $54.55 a barrel. WTI dropped 0.26% in the earlier session.

After accelerating to around two-year highs, the U.S. crude stakes dropped by 3.1 million barrels in previous weeks, as compared with researcher expectation for a draw of 1.1 million barrels, the Energy Information Administration (EIA) stated.

“Oil price volatility is likely to persist, but the upcoming OPEC meeting should serve to provide the markets with a reasonable backstop and will offer some much-needed respite for prices,” said Stephen Innes, managing partner at Vanguard Markets in Bangkok.

Tightness remains on top in the Middle East after last week’s tanker attacks, which surged oil prices. Horror of a confrontation between the U.S. and the Iran have mounted, with Washington accusing Tehran, which has refused any role.

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Mass Communication and Journalism Graduate. Have always been awestruck with the way things are in the world of sports. Mainly covering the news related to the various events happening in the field of sports.

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