08:59 AM EDT, 10/31/2024 (MT Newswires) -- Oil prices rose for a second day on Thursday following an unexpected drop in U.S. oil inventories and reports OPEC+ is considering postponing a plan to add 180.000 barrels per day of additional supply monthly beginning in December.

West Texas Intermediate crude for December delivery was last seen up US$0.54 to US$69.15 per barrel, while December Brent crude, the global benchmark, was up US$0.47 to US$73.02.

In its weekly survey, the Energy Information Administration on Wednesday reported U.S. oil inventories last week fell by 0.5-million barrels per day, while the consensus estimate called for a rise of 1.8-million barrels, according to Tudor, Pickering, Holt.

Also supporting prices, Reuters reported OPEC+ is reconsidering plans to restore 2.2-million barrels of production cuts by boosting output by 180,000 barrels per day monthly beginning in December. The news agency said the group is considering delaying the measure by a month or more to avoid pushing prices lower as demand remains weak.

"Oil prices have at last found some reprieve due mainly to the higher draws in US inventory and OPEC news ... OPEC+ have floated an idea across wires that it might not bring back 180kbpd of oil shuttered as part of the voluntary cuts in December. The combination of all the above have served prices well, but one must wonder if the muted overall response is less than what 'sources' of OPEC that leaked the idea were looking for," PVM Oil Associates noted.