Oil prices were rising as traders expect OPEC and its allies to extend their production curbs at a Sunday meeting and the start of the summer driving season in the U.S. boosts fuel consumption.
Brent crude and WTI were up 0.4% at $84.52 and $80.15 a barrel, respectively. Both benchmarks have gained more than 1% from Tuesday, spurred by flared up tensions in the Middle East following Israel’s deadly strikes in Rafah.
“The market has shrugged off the recent softness in physical market, with signs that the driving season has boosted demand,” ANZ Research analysts said in a note.
According to ANZ, data suggest a relatively high number of trips have been taken over Memorial Day weekend in the U.S., while also air travel has been strong.
