Oil prices rose slightly, but oversupply concerns are holding back gains

Oil prices rose slightly on Thursday after falling in the previous session, as a larger-than-expected reduction in US oil inventories offset speculation that US efforts to end the Russian-Ukrainian war could increase market supply, UNN reports with reference to Reuters.

DetailsBrent crude futures rose 20 cents, or 0.31%, to $63.72 a barrel by 07:14 GMT (09:14 Kyiv time), while US West Texas Intermediate crude futures rose 22 cents, or 0.37%, to $59.66.

Both benchmark grades recovered slightly in price after falling 2.1% on Wednesday. The decline followed a Reuters report that the US had signaled to Ukraine to accept a US-developed action plan to end Russia’s war against Ukraine.

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