WTI inches closer towards $75 mark, gains over 1.75% ahead of OPEC meeting
USOIL chart - Trading View
U.S. West Texas Intermediate was trading 1.73% higher on the day at $74.78 at around 10:40 GMT.
Oil prices remain buoyed after data Wednesday showed U.S. crude stockpiles fell 6.7 million barrels last week, according to the Energy Information Administration.
Market focus now remains on today’s meeting of the Organization of the Petroleum Exporting Countries and their allies, known as OPEC+.
After raising output between May and July by 2.1 million barrels a day, OPEC+ will now decide whether to leave production levels unchanged or boost output in August and then further out.
Analysts expectation of the most probable outcome is for an increase of around 500,000 barrels per day in August.
Technical bias for oil remains strongly bullish. Close above 200-month MA in June has raised scope for further upside.
Price action is inching closer towards the $75 mark and bulls are on track to test 2018 highs at $76.88.