Oil prices drift sideways as investors await OPEC+ decision on supply cuts
SINGAPORE (Reuters) – Oil prices traded sideways on Thursday as investors waited for a decision from key producers on whether they would maintain or ease supply cuts in the second half of the year.
Brent crude for September edged up 1 cent to $74.63 a barrel by 0048 GMT while the U.S. West Texas Intermediate crude for August was at $73.46 a barrel, down 1 cent but near its highest since 2018 of $74.45.
WTI rose more than 10% in June while Brent added over 8%, touching highs since 2018, as summer travel picked up and more people got vaccinated. But renewed lockdowns in Asia amid the spread of a highly contagious COVID-19 variant capped demand.
In response to rising demand, U.S. crude stockpiles fell last week for the sixth straight week, data from the Energy Information Administration showed.
