Supply Tightness Drives Oil Prices Higher

Oil prices rebounded as traders refocused on signs of supply tightness, with Brent crude trading above $83 per barrel and West Texas Intermediate close to $80 per barrel. Prices had dipped on Wednesday after the Energy Information Administration reported modest draws in crude oil and fuel inventories, and the Federal Reserve announced another interest rate hike. Analysts expect higher prices due to resilient demand, OPEC+ production controls, and a decline in the U.S. rig count. Saudi Arabia may extend voluntary production cuts if prices don't rise substantially.