Brent rises marginally as investors track emergency crude release

Brent crude edged higher on Thursday as investors monitored how major producers respond to the emergency crude release by major consuming countries.

The international benchmark Brent crude was trading up 0.3% at $82.46 per barrel (bbl), at 9.00 am Makkah time.

WTI crude was stable at $78.45/bbl.

"The coordinated SPR (Strategic Petroleum Reserve) release may end up as a near-term political win for the parties involved, however, we do not expect it to have a lasting impact on crude fundamentals," Reuters reported, citing Fitch analyst Jake Leiby.

Meanwhile, the Organization of the Petroleum Exporting Countries and its allies (OPEC+) are due to meet next week to discuss oil demand and supply policy.

However, three sources told Reuters that OPEC+ is not discussing pausing its oil output increases, despite the decision by the United States, Japan, India and others to release emergency oil stocks.