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Oil prices rise ahead of OPEC meeting

Category: Economy

Date: 2021-03-04T07:14:12+0000
Oil prices rise ahead of OPEC meeting
Shafaq News/ OPEC and other oil producers, a group known as OPEC+, are considering rolling over production cuts into April instead of raising output as a recovery in oil demand remains fragile due to the coronavirus crisis, three OPEC+ sources told Reuters.

OPEC+ ministers hold a full meeting on Thursday.

U.S. West Texas Intermediate (WTI) crude futures rose 38 cents, or 0.63%, to $61.66 a barrel by 0524 GMT.

Brent crude futures rose 48 cents, or 0.75%, to $64.55 a barrel.

The market has been expecting OPEC+ to ease production cuts by around 500,000 barrels per day (bpd) from April.

Meanwhile, U.S. crude oil stockpiles surged by a record of more than 21 million barrels last week as refining plunged to an all-time low due to the Texas freeze that knocked out power for millions.

OPEC leader Saudi Arabia has also been expected to end its voluntary production cut of an additional 1 million bpd.

But three OPEC+ sources said on Wednesday some key OPEC members had suggested keeping the group’s output unchanged.

A ministerial panel meeting ended on Wednesday without making any policy recommendations, two OPEC+ sources told Reuters.

It was not immediately clear whether Saudi Arabia would end its voluntary cuts or extend them, they said.

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