Oil Rises for Second Day With Focus Moving Toward OPEC+ Meeting - Bloomberg

Oil Rises for Second Day With Focus Moving Toward OPEC+ Meeting - Bloomberg

PRICES:

WTI for May delivery rose 59 cents to settle at $61.56 a barrel Brent for the same month gained 41 cents to end the session at $64.98 a barrel Both benchmarks were at the highest since March 17 Murban for June delivery traded at $63.40 a barrel on ICE Futures Abu Dhabi Oil climbed to the highest in almost two weeks as traders looked ahead to this week’s OPEC+ meeting with speculation that renewed demand concerns will spur the group to keep production in check. Futures rose nearly 1% in New York, notching a second straight daily gain. Worries over the near-term recovery in demand, amid reimposed lockdown measures in Europe particularly, have raised expectations for OPEC+ to decide to keep production restrained at Thursday’s meeting. At the same time, the U.S. is providing a bright spot in the consumption rebound, with long-ailing jet fuel flashing signs of strength. “Oil has done a really good job of shrugging off last week’s selloff, and hopefully can have a run back up to recent contract highs,” said Phil Streible, chief market strategist at Blue Line Futures LLC in Chicago. The expectations are for OPEC+ to maintain cuts “because they can see how fragile the market is, and they don’t want to derail the current recovery in prices.”