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Oil prices rises on potential OPEC+ supply cuts

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A worker holds a cup of heavy oil before it is shipped to the market at the Cenovus Energy Christina Lake Steam-Assisted Gravity Drainage (SAGD) project 120 km (74 miles) south of Fort McMurray, Alberta, August 15, 2013. Cenovus currently produces 100,000 barrels of heavy oil per day at their Christina Lake tar sands project. REUTERS/Todd Korol (CANADA - Tags: ENERGY BUSINESS)

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Oil prices rose on Thursday on mounting supply tightness concerns amid disruptions to Russian exports, the potential for major producers to cut output, and the partial shutdown of a US refinery.

Brent crude rose 59 cents, or 0.6 percent, to $101.81 a barrel by 0400 GMT, while U.S. West Texas Intermediate crude was up 42 cents, or 0.4 percent, at $95.31 a barrel.

Both crude oil benchmark contracts touched three-week highs on Wednesday after the Saudi energy minister flagged the possibility thatthe Organisation of the Petroleum Exporting Countries and its allies, known as OPEC+, will cut production to support prices. – Reuters

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