Oil prices rose more than 0.5% in early European trade on Wednesday recovering from a slight decline in the prior session and hovering at multi-year highs, after reports that OPEC+ has started discussions on gradual raising oil production from August. The cartel is already returning 2.1 million bpd to the market from May through July, signaling the ongoing strengthening of fundamentals. Meantime, API data showed US crude stocks fell by 7.2 million barrels for the week ended June 18th, following an 8.5 million drop in the previous week, and compared with market expectations of a 3.6 million drop. At around 06:15 AM GMT, WTI crude gained 0.6% to $73.27 a barrel, while Brent oil rose 0.8% to $75.37 a barrel.
