Oil prices rose on Thursday as supply concerns triggered a rebound from multi-month lows plumbed in the previous session after US data signalled weak fuel demand. Brent crude futures rose 42 cents, or 0.4 percent, at £79.98 ($97.20) a barrel by 0250 GMT, while West Texas Intermediate (WTI) crude futures were last up 49 cents, a 0.5 percent gain, at £75 ($91.15).
Both benchmarks fell to their weakest levels since February in the previous session after US data showed crude and gasoline stockpiles unexpectedly surged last week and as OPEC+ agreed to raise its oil output target by 100,000 barrels per day (bpd), equal to about 0.1 percent of global oil demand.
Valeura Energy Inc (LON:VLU) is an upstream oil & gas company, with a clear strategy to add value for shareholders. The Company has a strong balance sheet positioning it for potential inorganic growth opportunities in the near/medium-term, and substantial longer-term upside potential through an operated deep, tight gas play.