While economies ease coronavirus restrictions oil prices held steady on Thursday after two days of gains after the United States, the world’s largest consumer of oil, called for major producers to increase production.
Prices were also supported by a pullback in the US dollar that could urge speculative investors into dollar-denominated commodities.
Brent crude futures rose 8 cents, or 0.1%, to $71.52 per barrel as of 0502 GMT, while West Texas Intermediate (WTI) crude futures rose 5 cents to $69.30 per barrel.
Late on Tuesday, the U.S. Senate passed a $1 trillion infrastructure bill that would expand transportation systems and possibly let a number of energy-hungry construction projects.
US on Wednesday urged the Organization of the Petroleum Exporting Countries (OPEC) and its allies, to increase oil production to combat rising gasoline prices, which they see as a threat to the global economic recovery.
In July, OPEC agreed to increase production by 400,000 barrels a day from the previous month, starting in August. However, there are concerns that the increase will not be enough to meet demand as the US and Europe ease the coronavirus-induced movement restrictions.
Nevertheless, the administration did not call on US producers to increase production, which led the market to rise on Wednesday.
Other data in the EIA (US Energy Information Administration)Â report focused on prices. U.S. crude inventories fell modestly last week, outside of forecasts, while gasoline inventories fell to their lowest level since November.