Oil prices edged higher on Thursday after the OPEC+ alliance of major producers stuck to a reduced output policy at a meeting on Wednesday, and as crude stockpiles in the United States fell to their lowest levels since March last year.
Brent crude futures gained 4 cents, or 0.1%, to $58.50 a barrel, by 0120 GMT. On Wednesday, Brent prices hit their highest since Feb. 21, 2020.
“Crude prices have been rising higher now that OPEC+ has convinced the energy market that they are determined in accelerating market re-balancing without delay,” said Edward Moya, senior market analyst at OANDA.
