Oil prices rose on Thursday on rising supply concerns amid disruptions in Russian exports, the possibility of output cuts by major producers and a partial shutdown of a US refinery.
Brent was up 59 cents, or 0.6%, at $101.81 a barrel, while West Texas Intermediate was up 42 cents, or 0.4%, at $95.31 a barrel.
Both prices touched three-week highs on Wednesday as the Saudi energy minister hinted that OPEC+ would cut production to support prices.
Also, talks on a deal on Iran’s nuclear program remain deadlocked, putting any resumption of exports in doubt.
Brent prices recovered above $100 a barrel after Saudi officials showed a willingness to defend prices through a production cut if necessary, Citi said.
But there is still uncertainty in OPEC+ to justify cutting production, amid ongoing negotiations over the Iran nuclear deal and a worsening macroeconomic picture as the energy crisis deepens, Citi analysts added.
In the US, the world’s biggest oil consumer, BP said it was shutting down some units at its Indiana refinery after a fire broke out on Wednesday.
The plant, which produces 430,000 barrels per day, is a key supplier of fuel for the central US and Chicago.
Source: Capital
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