The price of oil was little changed on Thursday following a two-day decrease, which included a significant drop on Wednesday. The U.S. government's credit rating weighed on sentiment, while supply concerns offered some support.

Brent crude futures advanced by 0.1% at $83.24 per barrel, meanwhile U.S. WTI crude added 0.1% at $79.53 per barrel.

The United States, the world's largest user of oil, had its long-term foreign currency ratings reduced by the ratings agency Fitch in light of anticipated budgetary deterioration, political polarization, and the international standing of the US dollar.

Prices are being buoyed by worries about a tightening supply due to output curbs by major producers, which are anticipated to be maintained in a meeting on Friday, despite the general gloomy sentiment.

On Wednesday, both benchmarks were trading close to their best levels since April, but they closed down 2% as a result of the downgrade. WTI prices increased by almost 16% in July, while Brent prices increased by more than 14%.

According to Reuters, OPEC+ is not likely to alter its existing oil production strategy because Saudi Arabia is set to extend its voluntary 1 million bpd cut for one more month, to include September.