Oil prices rise on potential OPEC+ supply cuts

In response to mounting supply tightness concerns over disruptions in Russian exports, the possibility of major producers cutting output, as well as the partial shutdown of a U.S. refinery, oil prices rose on Thursday. By 0400 GMT, Brent crude was up 59 cents, or 0.6%, at $101.81 a barrel. By comparison, West Texas Intermediate crude rose 42 cents, or 0.4%, to $95.31 a barrel.

On Wednesday, both crude oil benchmark contracts touched three-week highs after the Saudi energy minister flagged a possibility, according to Reuters, that the Organization of Petroleum Exporting Countries and its allies, also known as OPEC+, would cut production in a bid to support crude oil prices. Also, discussions on an agreement on Iran’s nuclear program remain stalled, calling into question any resumption of its exports.