Oil prices climbed on Wednesday, supported by tight supplies, forecasts of a drawdown in U.S. crude inventories, and a weaker dollar, APA reports quoting Reuters.
Brent LCOc1 rose $1.98, or 2.6 percent, to $77.37 a barrel by 11:52 a.m. EDT (1552 GMT). U.S. crude CLc1 gained $1.62, or 2.4 percent, to $68.35.
Oil has been pressured by reports that the Organization of the Petroleum Exporting Countries (OPEC) and Russia may ease up on output cuts that have been in place since January 2017. The supply reductions have driven down global inventories and boosted prices, with global benchmark Brent crude reaching a 3-1/2-year high of $80.50 a barrel on May 17.
Brent has dropped more than $4 a barrel since then. On May 25, sources told Reuters that Saudi Arabia and Russia are discussing raising OPEC and non-OPEC oil output by around 1 million bpd.