Oil lifted by key markets, rises ahead of OPEC+ meeting
Oil edged up on Wednesday trade in Asia as a strong economic rebound of key consumers bolstered fuel demand and drained bloated inventories. Investors now focus on the upcoming OPEC+ meeting to get hints on production policy.
Brent oil futures gained 0.59% to $75.25 by 12:40 AM ET and WTI futures added 0.47% to $73.19.
The American Petroleum Institute released the U.S. crude oil supply data, marking 7.199 million barrels for the week ending Jun. 18. Investors shift their focus on the crude oil supply from the U.S Energy Information Administration, due later in the day.
Key markets including the U.S. and China also boosted fuel demand as the two world’s largest economies showed signs of recovery from the pandemic drag.
Meanwhile, OPEC+ is set to convene next week to discuss its output policy. Russia is considering a potential supply increase, while some OPEC+ nations are also considering a potential supply increase in August.