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 U.S. refinery.
Brent crude rose 59 cents, or 0.6%, to $101.81 a barrel by 0400 GMT, while U.S. West Texas Intermediate crude was up 42 cents, or 0.4%, at $95.31 a barrel.
However, there is still uncertainty ahead for OPEC+ to justify an output reduction amid ongoing negotiations around the Iranian nuclear deal, and a deteriorating macroeconomic picture as the energy crunch gets worse, the Citi analysts added. OPEC sources told Reuters that any cuts by OPEC+ are likely to coincide with a return of Iranian oil to the market, should Tehran secure a nuclear deal with world powers.Falling U.S. crude and product stockpiles also added to the upward pressure on prices. Oil inventories fell by 3.3 million barrels in the week to Aug. 19 at 421.7 million barrels, steeper from analysts' expectations in a Reuters poll for a 933,000-barrel drop.
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