Oil prices gain on expectations OPEC+ will keep lid on output | Reuters

Oil prices gain on expectations OPEC+ will keep lid on output | Reuters

Oil prices rose on the eve of meeting between OPEC and its allies, as investors were betting the producers would largely agree to extend their supply curbs into May.

OPEC+ has raised concerns that rising numbers of coronavirus infections globally and lockdown measures will impact the recovery in demand for oil, according to a report from the group’s experts panel meeting seen by Reuters.

Brent crude futures for May, which expires on Wednesday, rose 32 cents, or 0.5%, to $64.46 a barrel at 0525 GMT, after falling 1.3% on Tuesday. The more active Brent contract for June was up 25 cents, or 0.4%, at $64.42 a barrel.

The benchmark has shed 2.5% so far this month, compared with a 18% rise in February.

U.S. West Texas Intermediate (WTI) crude futures climbed 26 cents, or 0.4%, to $60.81 a barrel, after falling 1.6% in the previous session.