Oil prices edged up on Thursday as investors tracked media reports on the OPEC+ meeting on production policy, and amid rising COVID-19 Delta variant cases.

 

The international benchmark Brent crude was trading up 1.9% at $76.04 per barrel, at 2.00 pm Makkah time.

 

WTI crude rose 2.1% to $75.03 per barrel.

 

The OPEC+ will likely ease output cuts by about two million barrels per day (bpd) between August and December, Reuters reported, citing a source familiar with the matter.

 

This will be done through a monthly increase of 0.5 million bpd until December.

 

Oil prices rose by more than 50% in the first half of 2021 – the best semi-annual performance since 2009 – as the increased distribution of COVID-19 vaccines contributed to easing of travel restrictions.

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