WASHINGTON (dpa-AFX) - Oil prices rose for a fourth straight session on Wednesday despite concerns about a looming recession and renewed international efforts to revive a nuclear deal with Iran.
Brent crude futures for September delivery rose 0.4 percent to $114.24 per barrel, while WTI crude futures for August settlement were up half a percent at $112.33.
Both contracts rose more than 2 percent on Tuesday after China relaxed some COVID-19 quarantine requirements for international travelers and the G7 leaders agreed to explore ways to cap the price of Russian oil.
Supply risks kept prices high after a report suggested that major producers Saudi Arabia and the United Arab Emirates are unable to raise output significantly in the near future to meet recovering demand.
OPEC and OPEC+, which includes allies such as Russia, begin a series of two-day meetings today to discuss supply. The group is expected to maintain current goals of hiking output by 648 thousand bpd in July and August.
Meanwhile, data from the American Petroleum Institute showed gasoline and distillates stocks rose while crude inventories fell for the week ending June 24.
Official crude stocks data from the U.S. government will be released later in the day.
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