Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Oil prices rose on the eve of an OPEC+ meeting, while investors believe that producers will largely agree to extend curbs on their supplies until May.
OPEC+ raised concerns about the increase in the number of Coronavirus cases globally and that the general isolation measures will affect the recovery of oil demand, according to a report issued by a meeting of an OPEC expert team committee and reviewed by Reuters.
Brent crude futures for May delivery, which expire on Wednesday, rose 32 cents, or 0.5%, to $ 64.46 a barrel by 05:25 GMT, after falling 1.3% on Tuesday. Brent futures, the most active for June delivery, rose 25 cents, or 0.4%, to $ 64.42 a barrel.
The benchmark crude fell 2.5% since the beginning of this month, compared with an 18% increase in February.
US West Texas Intermediate crude futures rose 26 cents, or 0.4%, to $ 60.81, after falling 1.6% in the previous session.
OPEC+ last month surprised the market by agreeing to extend supply curbs, with the limited exception of Russia and Kazakhstan, at a time when fuel demand appeared to be recovering.
Under the current restrictions, OPEC, led by Saudi Arabia, and non-OPEC producers, led by Russia, are cutting more than seven million barrels per day, while Saudi Arabia implements a voluntary additional production cut of one million barrels per day.
