Brent futures added 11 cents, or 0.2%, to $ 64.18 a barrel, from 0148 GMT, after climbing more than 2% on Wednesday. US West Texas Intermediate (WTI) crude futures were unchanged at $ 61.28 per barrel.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively referred to as OPEC +, are considering postponing production cuts to April instead of increasing production, as a recovery in oil demand remains fragile due to the coronavirus crisis, three OPEC + sources told Reuters.
The market expected OPEC + to ease production cuts of around 500,000 barrels per day (bpd) from April.
“OPEC (or OPEC +?) Is currently meeting to discuss its current supply deal. This has raised the specter of a reversal in supply cuts, which has also supported the market,” he said. ANZ said in a report.
U.S. crude oil inventories jumped a record over 21 million barrels last week as refining plunged to a record low due to the Texas freeze that cut power to millions of people.
With refiners unable to process crude, gasoline and distillates, inventories have also dropped dramatically, especially in the Gulf Coast region where their declines set records, US Energy Information said on Wednesday. Administration.