Oil prices rise after drop to near 6-month low
Oil prices rose on Thursday as supply concerns triggered a rebound from multi-month lows plumbed in the previous session after U.S. data signalled weak fuel demand, News.Az reports citing Reuters.
Brent crude futures rose 42 cents, or 0.4%, at $97.20 a barrel by 0250 GMT, while West Texas Intermediate (WTI) crude futures was last up 49 cents, a 0.5% gain, at $91.15.
Both benchmarks fell to their weakest levels since February in the previous session after U.S. data showed crude and gasoline stockpiles unexpectedly surged last week and as OPEC+ agreed to raise its oil output target by 100,000 barrels per day (bpd), equal to about 0.1% of global oil demand.
The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, known as OPEC+, have been previously increasing production but have struggled to meet targets as most members have already exhausted their output potential.