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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."
US West Texas Intermediate (WTI) crude futures rose 18 cents, or 0.3%, to $59.93 a barrel by 03:56 GMT while Brent crude futures rose 29 cents, or 0.46%, to $62.99 a barrel.
Benchmark Brent climbed as high as $71.38 a barrel while US West Texas Intermediate (WTI) crude was down 22 cents or 0.3% at $65.87 after touching $67.98 a barrel.
Brent crude dropped 70 cents, or 1.1%, to $62.99 a barrel by 04:57 GMT while US West Texas Intermediate (WTI) crude fell 71 cents, or 1.2%, to $59.93 a barrel.
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