Oil prices were up on Thursday, following two consecutive sessions of declines, as investors anticipate a reduction in supply, while the OPEC+ producer alliance is expected to maintain its current production cuts.

Futures for U.S. West Texas Intermediate (WTI) crude for delivery in May, meanwhile, rose 89 cents, or 1.1%, to $82.24 per barrel.

Both benchmark contracts were on track to end higher for the third consecutive month.

On Wednesday, prices were pressured after the unexpected increase in U.S. crude and gasoline inventories last week, due to a rise in crude imports and sluggish gasoline demand, according to data from the Energy Information Administration.

However, the increase in crude stocks was smaller than the build-up forecasted by the American Petroleum Institute, and analysts noted that the increase was lower than expected for this time of year.

Prices were also supported by the utilization rates of U.S. refineries, which rose by 0.9 percentage points last week.

Investors will be watching for the outcomes of next week’s meeting of the Joint Ministerial Monitoring Committee of the Organization of the Petroleum Exporting Countries (OPEC), against a backdrop of concerns over geopolitical risks.

It is unlikely that OPEC+ will alter its oil production policy until the ministerial meeting in June.

In other news, Kremlin spokesman Dmitry Peskov said on Thursday that Russia was working with its partners amid unprecedented pressure from the United States and the European Union, after reports emerged that Moscow was experiencing some delays in oil payments. Russian oil companies are facing delays of up to several months in receiving payments for crude oil and fuel, as banks in China, Turkey, and the United Arab Emirates become more cautious due to U.S. secondary sanctions.