Oil prices rose in early trade on Thursday. Brent crude futures gained 2 cents, or 0.1%, to $44.31 a barrel, while US West Texas Intermediate (WTI) crude futures added 6 cents, or 0.1%, to $41.96 a barrel.

 

OPEC and allies agreed last week to scale back oil production cuts from August to 7.7 million barrels per day until December as the global economy slowly recovers from the COVID-19 pandemic.

 

In addition, OPEC said in its monthly report that global oil demand will soar by a record 7 million barrels per day (mbpd) in 2021.

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