WASHINGTON (dpa-AFX) - Oil prices recovered some ground on Thursday after declining for a third day in a row to a 16-week low on Wednesday amid concerns that OPEC+ could move forward with a more aggressive production increase in November.
Worries over softening demand also persist after EIA data showed commercial crude oil stocks excluding those in the Strategic Petroleum Reserve rose more than expected in the week ended Sept. 26.
Benchmark Brent crude futures edged up by 0.2 percent to $65.47 a barrel in European trade as G7 sanctions threats against Russian crude spurred some speculative buying at lower levels.
WTI crude futures were up 0.2 percent at $61.89 after hitting their lowest level since May 30 the previous day. Some analysts have attributed the increase to a technical rebound.
Group of Seven nations are closing in on an agreement to significantly increase pressure on Russia by targeting those who are continuing to increase their purchases of Russian oil and those that are facilitating circumvention. according to a statement released after a finance ministers' meeting on Wednesday.
'We will take concrete measures to significantly reduce, with the objective of phasing out, our remaining imports from Russia, including on hydrocarbon imports,' it added.
Meanwhile, the Trump administration has decided to provide Ukraine with intelligence for long-range missile strikes deep inside Russian territory, media reports suggest.
The decision comes as efforts to broker peace talks have stalled, signaling a shift in U.S. strategy from negotiation to intensifying military pressure, the Wall Street Journal reported.
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