Oil rebounds to $66 ahead of OPEC+ meeting, India's COVID surge weighs | Reuters

Oil rebounds to $66 ahead of OPEC+ meeting, India's COVID surge weighs | Reuters

Oil rebounded to $66 a barrel on Tuesday on speculation that a meeting of producer group OPEC+ may tweak oil output policy to address India’s coronavirus crisis that could dent fuel demand.

OPEC and allies will hold a monitoring meeting on Tuesday instead of April 28 as planned earlier. A technical meeting on Monday had voiced concern about surging COVID-19 cases, although it kept its 2021 oil demand forecast unchanged.

Brent crude was up 58 cents, or 0.9%, at $66.23 a barrel by 0820 GMT, after dropping 0.7% on Monday. U.S. oil gained 79 cents, or 1.3%, to $62.70.

“Oil prices are ticking up today on trader hopes that OPEC+ may address India’s demand destruction with supply policy amendments in its coming meeting,” said Bjornar Tonhaugen of Rystad Energy.