Oil prices inched up on Thursday, extending gains made in previous sessions on expectations of tighter supplies through 2021 as economies recover from the coronavirus crisis.
Brent crude gained 50 cents to $72.73 a barrel by 11:10 a.m. EDT (1510 GMT), after rising 4.2% in the previous session. U.S. West Texas Intermediate (WTI) crude added 40 cents to $70.70 a barrel, after gaining 4.6% on Wednesday.
“Some soft spots have emerged in the oil demand recovery, but this is unlikely to change the outlook fundamentally,” Morgan Stanley said in a note.
Members of the Organization of the Petroleum Exporting Countries and other producers including Russia, collectively known as OPEC+, agreed this week on a deal to boost oil supply by 400,000 barrels per day from August to December to cool prices and meet growing demand.
