By Florence Tan SINGAPORE (Reuters) - Oil prices traded sideways on Thursday as investors waited for a decision from key producers on whether they would maintain or ease supply cuts in the second half of the year. Brent crude for September edged up 1 cent to $74.63 a barrel by 0048 GMT while the U.S. West Texas Intermediate crude for August was at $73.46 a barrel, down 1 cent but near its highest since 2018 of $74.45. WTI rose more than 10% in June while Brent added over 8%, touching highs since 2018, as summer travel picked up and more people got vaccinated. But renewed lockdowns in Asia amid the spread of a highly contagious COVID-19 variant capped demand.
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LONDON, July 1 (Reuters) - Oil prices rose on Thursday, supported by lower U.S. inventories and the prospect of strengthening demand, while investors awaited a decision from OPEC+ producers on whether they would maintain or reduce supply cuts in the second half of the year.
Brent crude gained 85 cents, or 1.1%, to $75.47 a barrel by 0808 GMT. U.S. West Texas Intermediate crude was up 88 cents, or 1.2%, at $74.35.
WTI rose more than 10% in June while Brent added more than 8%, touching their highest levels since October 2018.
Analysts expect oil demand to gather pace in the second half of the year as more people are vaccinated against COVID-19 and travel restrictions are eased.
Oil drifts sideways ahead of OPEC+ meeting
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West Texas Intermediate rose more than 10 per cent in June, Brent over 8 per cent Oil prices traded sideways on Thursday as investors waited for a decision from key producers o n whether they would maintain or ease supply cuts in the second half of the year.
Brent crude for September edged up 1 cent to $74.63a barrel by 0048 GMT while the U.S. West Texas Intermediate crude for August was at $73.46 a barrel, down 1 cent but near its highest since 2018 of $74.45.
WTI rose more than 10 per cent in June while Brent added over 8%,touching highs since 2018, as summer travel picked up and more people got vaccinated. But renewed lockdowns in Asia amid the spread of a highly contagious Covid-19 variant capped demand.
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NEW YORK (Reuters) -Oil prices rose roughly 2% on Thursday on indications that OPEC+ producers could increase output more slowly than expected in coming months, while rising global fuel demand causes supply to tighten.
FILE PHOTO: A petrol station attendant prepares to refuel a car in Rome, Italy, January 4, 2012. REUTERS/Max Rossi/File Photo
Brent crude settled at $75.84 a barrel, up $1.22, or 1.6%. U.S. West Texas Intermediate crude settled at $75.23 a barrel, gaining $1.76, or 2.4%.
During the session, both benchmarks climbed by more than $2 a barrel, reaching their highest since October 2018.
Futures pared gains after the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, delayed its ministerial meeting until Friday to hold more talks on oil output policy, sources said, after the United Arab Emirates blocked a plan for an immediate reduction in supply cuts.
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