Oil prices rose roughly 2% on Thursday on indications that OPEC+ producers could increase output more slowly than expected in coming months, while rising global fuel demand causes supply to tighten.
Brent crude settled at $75.84 a barrel, up $1.22, or 1.6%. U.S. West Texas Intermediate crude settled at $75.23 a barrel, gaining $1.76, or 2.4%.
During the session, both benchmarks climbed by more than $2 a barrel, reaching their highest since October 2018.
Futures pared gains after the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, delayed its ministerial meeting until Friday to hold more talks on oil output policy, sources said, after the United Arab Emirates blocked a plan for an immediate reduction in supply cuts.
