Oil prices edge up as OPEC+ may delay supply hike, US stockpiles fall

OIL prices edged up after plunging to multi-month lows previously as major producers may delay an output increase planned for next month and U.S. inventories fell, though the gains were limited by persistent demand concerns.

Brent crude futures for November rose 35 cents, or 0.48%, to $73.05 a barrel at 0607 GMT after dropping 1.4% in the previous session to their lowest close since June 27, 2023. U.S. West Texas Intermediate crude futures for October were up 35 cents, or 0.51%, to $69.55 after dropping 1.6% on Wednesday to the lowest settlement since Dec. 11.