Oil prices increased slightly on Thursday following a two-day slump, after fresh data showed that US crude inventories rose less than expected. So far this year, the oil market is up almost 35%, after recovering to pre-pandemic levels in mid-March on expectations that fuel demand would rebound sharply with the rollout of COVID-19 vaccines and the reopening of more economies. However, concerns over coronavirus situations in India lingered, as almost two-thirds of people tested in the country showing exposure to the virus. Meanwhile, the US-Iran nuclear talks reportedly will enter the 5th phase early next week, with the success of it could result in sanctions on Tehran being lifted and more supply coming to the market. At around 06:30 AM GMT, WTI crude rose 0.6% to $63.74 a barrel, while Brent oil gained 0.5% to $66.96 a barrel.
