Home / Market Update / Commodities / Oil Closes Higher Ahead of OPEC+ Meetings

Oil Closes Higher Ahead of OPEC+ Meetings

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.

Check Also

German Business Activity Shows Marginal Growth Amid Slower Pace in July

Manufacturing and Services Performances Diverge as Economic Outlook Remains Mixed Germany’s business activity continued to …