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Oil Prices Inch Higher In Choppy Trade

Oil prices edged higher on Thursday amid signs that the OPEC+ producer group might cut output against the backdrop of falling oil prices.

Data showing unexpected drawdowns in U.S. crude and fuel stocks also offered some support.

Benchmark Brent crude futures edged up 0.2 percent to $88.22 a barrel, while U.S. crude futures were up 0.3 percent at $82.42.

The dollar tightened its hold on the currency markets and Hurricane Ian has weakened into a tropical storm, helping keep a lid on prices.

Leading OPEC+ members have begun discussions about an oil output cut when they meet on Oct.5, Reuters quoted two sources as saying.

Goldman Sachs cut its 2023 oil price forecast on Tuesday, but said it anticipates prices to rise from the current levels given the state of the "critically tight" market.

Data released by U.S. Energy Information Administration (EIA) showed crude stocks dropped by 215,000 barrels last week.

Gasoline inventories were down 2.4 million barrels last week, while distillate stockpiles fell 2.9 million barrels.

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