After closing the first two days in the positive territory, the barrel of West Texas Intermediate (WTI) lost 0.65% on Wednesday but didn't have a difficult time gaining traction on Thursday. As of writing, the WTI was up 1.9% on a daily basis at $38.40.
The OPEC+ ministerial panel meeting started at 1230 GMT on Thursday and investors are waiting for the review on output cuts and compliance. Earlier in the day, Reuters reported that the Joint Ministerial Monitoring Committee (JMMC) was unlikely to recommend an extension to the current output cuts from July into August.
Meanwhile, Norway's oil minister on Thursday noted that Norway had no plans to make deeper production reductions. "The oil market has stabilised more than we could have anticipated a few months ago," the minister added.
On Wednesday, the weekly data published by the US Energy Information Administration (EIA) showed that crude oil stocks in the US increased by 1.2 million barrels in the week ending June 12th. Moreover, the underlying details of the report revealed that the US oil production last week fell to its lowest level since March 2018 at 10.5 million barrels per day.