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Crude oil prices moved higher on Thursday after data showed leading oil producers were in compliance with agreed production cuts.
However, oil's rise was not any substantially pronounced as traders appeared a bit uncertain about the future course of action by the members of the Organization of the Petroleum Exporting Countries and their allies.
The OPEC+ is expected to take a call on extending current output reductions, and there is an element of uncertainty here as a few top producers are a bit reluctant to continue with sharper cuts for a longer duration.
West Texas Intermediate Crude oil futures for July ended up $0.12 or about 0.3% at $37.41 a barrel.
Brent Crude futures were up marginally at $39.85 a barrel.
Traders are eagerly awaiting the next meeting of the OPEC+. According to reports, Saudi Arabia, Kuwait and United Arab Emirates are against extending voluntary additional output cuts of 1.18 million barrels per day after June. This suggests there could be a scenario where supply will see a notable increase in July.
According to analysts, possible resurgence of U.S. shale production appears to be making Russia a bit reluctant to agree for a longer extension of output reductions.
