Oil rises ahead of OPEC+ meeting

04/03/2021 Argaam

Oil prices climbed on Thursday ahead of the OPEC+ meeting to be held today, March 4, 2021, and as latest data indicated a decline in US gasoline stockpiles.

 

International benchmark Brent crude was trading up 0.8% at $64.55 per barrel, at 9 am Makkah time.

 

West Texas Intermediate (WTI) crude rose 0.7% to $61.68 per barrel.

 

The Organization of the Petroleum Exporting Countries and allies (OPEC+) are considering rolling over production cuts into April instead of raising output, as a recovery in oil demand remains fragile due to the coronavirus crisis, Reuters reported, citing OPEC+ sources.

 

Meanwhile, according to the Energy Information Administration data, US crude oil stockpiles rose by more than 21.6 million barrels last week, while gasoline inventories declined by 13.6 million barrels.

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