Oil up more than 3% ahead of OPEC+ meeting and on easing lockdowns - Reuters

Oil up more than 3% ahead of OPEC+ meeting and on easing lockdowns - Reuters:

Oil prices climbed by more than $1 a barrel on Tuesday on hopes that major crude producers will agree to extend output cuts during a video conference expected to be held this week and as countries and U.S. states begin to reopen after coronavirus lockdown.

Brent crude LCOc1 settled at $39.57 a barrel, rising $1.25, or 3.3%. U.S. West Texas Intermediate crude (WTI) CLc1 settled at $36.81 a barrel, jumping $1.37, or 3.9%. 


Both benchmarks neared three-week highs.

“There’s the anticipation that OPEC+ is going to agree to extend their current levels for another two months, and at the same time, the market anticipates that the reopening of economies around the world will increase demand and will get us in a position such that, by August, the oil market will be in balance,” said Andy Lipow, president of consultants Lipow Oil Associates.