Oil up on Thursday

Oil prices rose for a second consecutive session despite Saudi Arabia signalling demand concerns by cutting its crude prices, Bloomberg reported.

Brent neared $79 a barrel, and West Texas Intermediate (WTI) hovered around $75, extending a modest rebound post-OPEC+ supply plans.

Saudi Aramco’s price reduction for Asian buyers next month, its first since February, raised demand worries in the top crude-importing region.

Oil’s downward trend since April, fueled by China’s weak import outlook and easing geopolitical tensions, continued amid increased supply from OPEC+ rivals.

US crude inventories rose by 1.23 million barrels last week, reinforcing bearish sentiment, with gasoline stockpiles hitting March highs. Despite US stockpile increases, market resilience persists, driven by technical trading, according to Charu Chanana, an analyst at Saxo Capital Markets Pte in Singapore.