Oil edges up on OPEC output cut compliance; pandemic still weighs - Reuters

Oil edges up on OPEC output cut compliance; pandemic still weighs - Reuters:

Oil prices rose slightly on Thursday as a panel of OPEC and its allies met to review record oil supply cuts, even as the market remained concerned about additional coronavirus cases reported in parts of the United States and China.

Brent crude LCOc1 futures settled at $41.51 a barrel, up 80 cents or nearly 2%. U.S. West Texas Intermediate (WTI) crude CLc1 futures settled at $38.84 a barrel, up 88 cents, or 2.3%.

“You’re going to see more OPEC compliance,” said Phil Flynn, senior oil analyst at Price Futures Group in Chicago. “I think we’d be a lot higher if it weren’t for these coronavirus fears.”

An OPEC+ panel pressed countries such as Iraq and Kazakhstan on Thursday to comply better with oil cuts and left the door open for extending or easing record production curbs from August.