NextGen Day

Oil prices rose on Thursday after a dramatic plunge late Wednesday, as the market evaluated predictions of OPEC producers increasing production to make up for a deficit in Russian supply.

At 0627 GMT, international benchmark Brent crude was trading at $112.66 per barrel, up 1.4 percent from the previous session’s close of $111.14 per barrel.

At the same time, the American benchmark West Texas Intermediate (WTI) traded at $109.25 a barrel, up 0.5 percent from the previous session’s closing of $108.70 per barrel.

Yousef Al Otaiba, the UAE’s ambassador to Washington, stated that his country supports an increase in oil output and that OPEC will be encouraged to do so on Wednesday.

“For more than 50 years, the UAE has been a reliable and responsible provider of energy to global markets, and we think that energy market stability is vital to the global economy,” Al Otaiba said in a statement.

“Stabilize global energy markets, to ensure that there remains an abundant supply of energy around the world,” US Secretary of State Antony Antony Blinken said, welcoming the UAE’s support for increasing production.

Following a series of announcements indicating an increase in output in an already tight market, prices fell 15% to $110 late Wednesday, the greatest daily decrease in nearly two years.

Prices began to rise again on Thursday, ahead of a crucial tripartite meeting between Ukraine’s and Russia’s foreign ministries, which Turkiye is hosting to mediate a ceasefire as the crisis approaches its 15th day.

Prices were also boosted by a drop in commercial crude oil and gasoline stockpiles in the United States. According to the most recent statistics issued by the Energy Information Administration, the country’s commercial crude oil stocks fell by 0.5 percent during the week ending March 4. (EIA).

Inventories declined by 1.9 million barrels to 411.6 million barrels, compared to an expected drop of 833,000 barrels by the market.

During that time, gasoline inventories fell by 1.4 million barrels to 244.6 million barrels.

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