U.S. oil jumped 2.6% in the previous session after crude inventories declined.
A mini OPEC+ ministerial meeting next month is unlikely to recommend changing the group's output policy, including a plan to start unwinding one layer of oil output cuts from October, three sources told Reuters.
Oil futures were straddling either side of unchanged early Thursday, struggling to build on gains seen the previous session after government data showed a larger-than-expected drop in U.S. crude inventories.
US crude oil prices surge with a 4.9 million barrel inventory decline, indicating robust demand. Learn how global factors influence today's oil market.
Brent crude oil hovers above $85, reflecting a bullish sentiment in the oil market as traders anticipate further gains.
Oil prices ticked higher on Thursday, buoyed by a bigger-than-expected weekly decline in U.S. crude stocks.
U.S. stocks traded mixed midway through trading, with the Dow Jones index gaining around 200 points on Wednesday.
Gasoline inventories increased by 3.3 million barrels, exceeding analyst expectations.
Oil futures traded flat to slightly lower, struggling to hold on to gains seen after industry data showed a large drop in U.S. crude inventories ahead of official figures due Wednesday morning.
U.S. crude inventories dropped by 4.4 million barrels, boosting oil prices, while Natural Gas rose to $2.18, up 0.18%.
Oil prices were steady in early Asian trade on Wednesday, with global benchmark Brent hovering near the one-month low it hit in the prior session, as signs of weakening demand growth in China clashed with the prospect of declining U.S. oil stockpiles.
Following a 61.8% retracement, crude oil approaches critical support at the 50-Day MA, with potential bullish signals on the horizon.