Brent crude futures were up 19 cents, or 0.3%, to $65.09 a barrel at 1215 GMT. U.S. West Texas Intermediate crude was up 24 cents, or 0.4%, to $62.08 a barrel.
“Markets are positive since Donald Trump got the setbacks on the tariffs,“ said Bjarne Schieldrop, chief commodities analyst at SEB. “That’s less headwind for the global economy, so more demand for oil because the machine of the global economy moves better and faster.”
“But for now, investors get a breather from the economic uncertainty they love to loathe,“ said Matt Simpson, an analyst at City Index in Brisbane.
“We’re assuming the group will agree on another large supply increase of 411,000 barrels per day. We expect similar increases through until the end of the third quarter, as the group increases its focus on defending market share,“ ING analysts said in a note.
Venezuela in April cancelled cargoes scheduled to Chevron, citing payment uncertainties related to U.S. sanctions. Chevron was exporting 290,000 barrels per day of Venezuelan oil, or over a third of the country’s total, before that.
Later on Thursday, investors will be watching for the weekly reports from the American Petroleum Institute and the Energy Information Administration, the statistical arm of the U.S. Department of Energy.
Meanwhile, a wildfire in the Canadian province of Alberta has forced residents of a small town to evacuate and prompted a temporary shutdown of some oil and gas production, which could reduce supply.
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