Oil gains as OPEC+ meets to decide on production policy | Reuters
Crude prices rose on Thursday, recouping some of the previous session’s losses as hopes grew that OPEC and its allies later on Thursday would decide to keep curtailing production in place in the face of resurgent COVID-19 infections in some regions.
Brent crude for June delivery was up by 71 cents, or 1.1%, at $63.45 a barrel by 0326 GMT after falling 2.2% overnight. U.S. oil was up 71 cents, or 1.2%, at $59.87 a barrel, having dropped 2.3% on Wednesday.
Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia and Kazakhstan, a group called OPEC+, meet later on Thursday to consider options that include an output roll-over and a gradual output increase.
“The most likely outcome of the ... meeting is no significant changes in production,” Eurasia Group said in a report on the gathering.
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