05:10 AM EDT, 10/31/2024 (MT Newswires) -- Crude oil prices edged higher late Wednesday following the release of this week's U.S. crude oil inventory report, which fueled optimism about U.S. fuel demand.

After recording gains in the previous session, Brent crude eased 0.1% to US$72.47 per barrel and West Texas Intermediate crude eased 0.1% to US$68.56/b at last look early Thursday.

U.S. gasoline stocks dropped to a two-year low on stronger demand and crude oil inventories fell as exports slipped in the week ended Oct. 25, Reuters reported on Thursday, citing the U.S. Energy Information Administration's weekly report. Nine analysts polled by Reuters had expected an increase in gasoline and crude stocks.

"The surprise decline in U.S. gasoline stockpiles provided a buying opportunity as demand appeared stronger than anticipated," Reuters quoted Toshitaka Tazawa, an analyst at Fujitomi Securities, as saying.

The Reuters report also said that the Organization of the Petroleum Exporting Countries and allied producers could delay a planned oil production increase in December by at least a month amid demand concerns and a looming oversupply.

A decision on the postponement could come as early as next week, Reuters reported, citing two unnamed OPEC+ sources.