Oil climbs on hopes OPEC+ will maintain supply cuts

31.03.2021 - Korneychuk Evgeniya
Oil climbs on hopes OPEC+ will maintain supply cuts

Oil prices climbed on Wednesday, paring losses sustained overnight ahead of an OPEC+meeting, with traders betting that producers will extend their supply curbs into May. 

Brent crude futures gained 0.2%, or 15 cents, at $64.29 per barrel after sliding 1.3% on Tuesday. U.S. West Texas Intermediate crude futures rose 0.3%, or 15 cents, at$60.70 per barrel, following a 1.6% decline in the last session.

OPEC and its allies are set to meet on Thursday, following a month of oil prices affected by new pandemic restrictions in Europe, slow vaccine rollouts, and a surge in COVID-19 infections globally. 

Under existing supply cuts, OPEC producers cut just above 7 million bpd, while Saudi Arabia made an additional voluntary reduction of 1 million bpd.

U.S. crude oil stocks climbed by 3.9 million barrels in the week ended March 26, contrary to analysts’ forecasts for a 100,000-barrel build.

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