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.

Risk disclaimer "PROMETHEUS LTD – Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960 is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0155 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of PROMETHEUS LTD and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from umarkets.ai or PROMETHEUS LTD." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue

Help with deposit?