WASHINGTON (dpa-AFX) - Oil prices were moving higher on Thursday as OPEC+ meets later today to discuss further delay to its plans to revive oil production.
Benchmark Brent crude futures rose half a percent to $72.8 in European trade while WTI crude futures were up 0.6 percent at $68.98.
The group led by Saudi Arabia and Russia will meet online to decide what to do next on supply cuts.
Oil prices also remained supported by the prospects of supply disruptions due to the ongoing unrest in the Middle East and the Russian - Ukraine war, expectations of a rate cut by the Federal Reserve later this month and data showing a larger-than-expected drop in U.S. inventories.
Data from the Energy Information Administration revealed crude oil inventories tumbled by 5.1 million barrels last week after falling by 1.8 million barrels in the previous week. Economists had expected crude oil inventories to dip by 1.0 million barrels.
At 423.4 million barrels, U.S. crude oil inventories are about 5 percent below the five-year average for this time of year, the EIA said.
The U.S. payrolls report due on Friday, followed by inflation data for November expected next week are likely to provide additional clues on the Fed's rate trajectory.
Speaking at the New York Times DealBook Summit on Wednesday, Federal Reserve Chair Jerome Powell described the economy as in good shape.
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