LONDON: Oil prices firmed on Thursday on the prospect that the Opec+ producer group could curb oil supplies, but the more bearish possibility of an agreement that would return sanctioned Iranian oil exports to the market capped gains.

Brent crude rose 58 cents, or 0.6 per cent to $101.80 a barrel by 1402 GMT, while US West Texas Intermediate crude firmed 10 cents, or 0.1pc, to $94.99 a barrel.

Comments on Monday by Saudi Energy Minister Prince Abdulaziz bin Salman about a disconnect between the futures and physical markets in which he flagged the possibility that Opec+ could cut production helped to push oil prices to three-week highs.

“The suggestion that the price did not align with fundamentals and that Opec+ could cut output has clearly had the desired effect,” Oanda analyst Craig Erlam said.

Published in Dawn, August 26th, 2022