Oil prices rise on potential OPEC+ supply cuts; BP shuts US refinery units
Oil prices rose on Thursday on mounting supply tightness concerns amid disruptions to Russian exports, the potential for major producers to cut output, and the partial shutdown of a US refinery.
Brent crude rose 59 cents, or 0.6 per cent, to $101.81 a barrel by 0400 GMT, while US West Texas Intermediate crude was up 42 cents, or 0.4 per cent, at $95.31 a barrel.
Both crude oil benchmark contracts touched three-week highs on Wednesday after the Saudi energy minister flagged the possibility that the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, will cut production to support prices.
