2020.06.1810:05:00UTC+00Oil Prices Rise Ahead Of OPEC+ Meeting

Oil price rose on Thursday ahead of a meeting between OPEC producers and their allies to discuss their future output strategy.

The upside was limited after data showed that U.S. crude stockpiles rose to a record high for a second week in a row.

Benchmark Brent crude climbed 0.8 percent to $41.05 a barrel, while U.S. West Texas Intermediate (WTI) crude futures were up 0.3 percent at $38.07.

The Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, are expected to hold an online meeting later today to discuss the future of a record 9.7 million barrels per day (bpd) output cut.

A report from OPEC, released on Wednesday, said there will be room for its members to ease their production constraints later in the year.

The OPEC report says global demand for crude may rise to 27.8 million barrels a day in the third quarter and to 31.2 million barrels per day by the final quarter of this year.

Meanwhile, the Energy Information Administration reported late Wednesday that stockpiles of U.S. oil rose 1.2 million barrels last week, adding to mounting evidence that it will take quite some time to reduce excess global stockpiles.

The American Petroleum Institute reported a 3.9 million-barrel build for the week ending June 12 on Tuesday.