Oil gains as focus switches to OPEC+ extending output cuts | Reuters

Oil gains as focus switches to OPEC+ extending output cuts | Reuters

Oil prices rose on Tuesday as shipping traffic resumed through the Suez Canal after days on hold and focus turned to an OPEC+ meeting this week where the extension of supply curbs may be on the table amid new coronavirus pandemic lockdowns.

Brent crude was down 21 cents, or 0.3%, at $65.19 a barrel by 0411 GMT. U.S. oil was up 19 cents, or 0.3%, at $61.75 a barrel.

Ships were moving through the Suez Canal again on Tuesday after tugs refloated the giant Ever Given container carrier, which had been blocking a narrow section of the passage for almost a week, causing a huge build-up of vessels around the waterway.

With the likelihood that the disruption will prove minimal, the market is turning its focus to Thursday’s meeting of the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia in Vienna, collectively known as OPEC+.