Oil Price Rises To $66 As OPEC+ Mulls Output Policy

Oil prices rose on Tuesday as OPEC+ sources said the producer group would stick to existing plans to boost oil output slightly from May 1, suggesting they do not see a lasting impact on demand from India’s coronavirus crisis.

Brent crude was up 48 cents, or 0.7 per cent, at $66.13 a barrel after climbing to a session high of $66.45. U.S. oil gained 63 cents, or 1 per cent, to $62.54. The producer group known as OPEC+ is set to slightly ease oil output cuts from May 1, under a plan agreed before the coronavirus surge in India.

“The possibility that increasing OPEC+ production could be intersecting with weakening Asian oil demand suggests a possible end to the reduction in the global oil supply surplus that has been supporting the complex during the past year,” said Jim Ritterbusch, president of Ritterbusch and Associates.Record OPEC+ supply cuts last year have helped drive a recovery in prices from historic lows. Most of the curbs are still in place, even after the plan to raise output slightly from May.

Also poverty rises in Nigeria at the same time

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