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Gulf Today Report
Oil prices advanced on Thursday on the likelihood of OPEC+ producers increasing output at their meeting later today, US fuel inventories decline.
Brent crude futures added 61 cents, or 1%, to $64.68 a barrel, as of 04:28 GMT while US West Texas Intermediate (WTI) crude futures gained 28 cents or 0.5% to $61.56 a barrel.
The Organization of the Petroleum Exporting Countries (OPEC) and allies, OPEC+, are considering rolling over production cuts into April instead of raising output, as a recovery in oil demand remains fragile due to the coronavirus crisis, said sources.
The market has been hopeful for OPEC+ to reduce productions cuts by 500,000 barrels per day from April.
In a report, ANZ said, "OPEC+ is currently meeting to discuss its current supply agreement. This raised the spectre of a rollover in supply cuts, which also buoyed the market."
US crude oil stockpiles rose above 21 million barrels in the previous week due to Texas Freeze causing a decline in refining.
According to Stephen Innes, "perhaps more interesting is the lack of US shale (production) response to the higher crude oil prices, which is favourable for higher prices."
Brent crude was down 33 cents, or 0.8%, at $42.82 a barrel by 0645 GMT, while US crude was down 38 cents, or 0.9%, to $40.73 a barrel.
US West Texas Intermediate (WTI) crude futures were trading up 14 cents, or 0.4%, at $37.47 a barrel by around 0629 GMT. Brent crude was 6 cents, or 0.2%, higher at $39.89 a barrel.
Brent crude rose 85 cents, or 2.1%, to $41.38 a barrel by 0645 GMT, while US crude rose 92 cents, or 2.4%, to $39.20. Both contracts rose by more than 2% on Tuesday.
Spot gold was up 0.2% at $1,740.04 per ounce by 05:05 GMT while US gold futures rose 0.2% to $1,740 per ounce.
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