Oil prices inched up in early trading on Friday as investors weighed a big withdrawal from US crude inventories and a delay to production hikes by OPEC+ producers.

Brent crude futures rose 19 cents to $72.88.

US West Texas Intermediate crude futures were up 22 cents, or 0.32%, to $69.37.

Brent settled down 1 cent at its lowest close since June 2023 on Thursday and WTI was down 5 cents to the lowest close since December 2023 after data showed that US crude stockpiles fell to a one-year low last week.

Also lifting prices, OPEC+ agreed to delay a planned oil production increase for October and November, the producers group said on Thursday, adding that it could further pause or reverse the hikes if needed. (QNA)

Source: Qatar News Agency