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Oil Closes Higher Ahead of OPEC+ Meetings

M. Ali 30 March, 2021 1:44 am Commodities, Market Update

Oil prices rose on Monday, recovering from earlier losses, amid concerns about delays in oil shipments even after shipping restarted at the Suez Canal after the container ship that was blocking it was re-floated.

In addition, it is expected that the upcoming meeting for the Organization of the Petroleum Exporting Countries (OPEC) and their OPEC+ allies will extend output curbs during May.

Brent crude futures for May delivery rose by $0.54, or 0.84%, and finished at $65.11 a barrel.

The West Texas Intermediate (WTI) crude futures for May delivery increased by $0.59, or 0.97%, to close at $61.56 per barrel.

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