Global oil prices edged higher on Thursday as markets anticipated a possible decision by OPEC and its allies (OPEC+) to boost crude production starting in May.
According to sources cited by Reuters, several OPEC+ members are pushing for the group to approve a second consecutive month of accelerated output increases, with discussions ongoing ahead of a key meeting.
Brent crude futures climbed 8 cents, or 0.12%, reaching $66.20 per barrel. Meanwhile, U.S. West Texas Intermediate (WTI) crude gained 9 cents, or 0.14%, to settle at $62.36 per barrel.
This modest rebound follows a 2% drop in the previous trading session, triggered by reports suggesting a potential production hike in June. The move reflects growing supply-side expectations as member nations look to meet rising global demand.
However, analysts at ING noted that oil markets underperformed compared to broader risk assets, citing internal disagreements within OPEC+ over the pace and timing of output increases.
As the next meeting approaches, the market remains sensitive to signals from the coalition, which continues to balance recovery-driven demand with supply management strategies.
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