Oil up over demand recovery signs

ANKARA – Oil prices have increased amid signs of better demand appetite and possible OPEC+ action to lower output and stem price falls.

International benchmark Brent crude traded at $100.34 per barrel at 09:15 a.m. local time (0615 GMT) for a 1.01% hike   from the closing price of $99.34 a barrel in the previous trading session.

American benchmark West Texas Intermediate (WTI) was at $93.50 per barrel at the same time for a 1.06% gain after the previous session closed at $92.52 a barrel.

Markets are focused on reports of a possible oil output cut by Saudi Arabia. The OPEC+ group is expected to lower production to curtail weak oil prices.

Recently, Saudi Energy Minister Abdulaziz bin Salman  warned of a potential supply cut to stabilize prices. Fuel demand in the world’s largest economies eased demand concerns and supported the upward price movement.

Meanwhile, experts await US Federal Reserve Chairman Jerome Powell’s speech for clues on rate hikes to combat inflation due later in the day. (Anadolu)