Crude prices rose on Thursday, recouping some of the previous session's losses on expectations that a meeting of OPEC and its allies later on Thursday would yield output constraint in the face of resurgent COVID-19 infections in some regions.
Brent crude for June delivery was up by 31 cents, or 0.5per cent, at US$63.05 a barrel by 0159 GMT after falling 2.2per cent overnight. U.S. oil was up 38 cents, or 0.6per cent, at US$59.54 a barrel, having dropped 2.3per cent on Wednesday.Ministers from the Organization of the Petroleum Exporting Countries and allies including Russia and Kazakhstan, a group called OPEC+, meet later on Thursday to consider options that include an output roll-over and a gradual output increase.
"The caution on display in the OPEC+ discussions signals that any decisions on tapering will likely be delayed to the May meeting," Eurasia said, referring to the gradual supply of withheld production to the market. OPEC+ is currently curbing output by just over 7 million bpd to support prices and reduce oversupply. Saudi Arabia has added to those cuts with a further 1 million bpd.
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