Finance

Oil edges higher, holding to gains made on signs of tighter supply

BEIJING (Reuters) – Oil prices rose slightly on Thursday, holding to gains from the previous session that came amid signs of tighter supply.

U.S. West Texas Intermediate crude futures (WTI) rose 17 cents to $78.08 a barrel for the prompt month. The May contract gained 14 cents to $77.45 a barrel by 0150 GMT.

Brent crude for April delivery ticked up 14 cents to $83.17 a barrel, while the May contract added 13 cents, rising to $82.24 a barrel.

“The premium of spot prices over near-date futures has been widening over recent weeks, indicating a robust demand outlook in the near term,” ANZ analysts wrote in a note.

Oil prices rose 1% on Wednesday, with oil contracts tied to near-term deliveries hitting their highest premium in months.

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