Oil prices rose as Brent crude topped $84 a barrel for the first time since April, supported by tight supply following OPEC+ production cuts.
Brent crude rose $1.32, or 1.6%, to $84.35 a barrel, while the United States was flat. West Texas Intermediate crude rose $1.31, or 1.7%, to $80.09.
“We see that the oil market is undersupplied. We maintain a positive outlook and look forward to Brent rising to $85–90 over the coming months,” UBS analysts said.
However, oil fell on Wednesday after data showed that US crude oil inventories fell less than expected.
The Federal Reserve raised interest rates by a quarter of a percentage point, leaving the way open for another increase.