Oil prices rise ahead of OPEC+ meet

01/04/2021 Argaam

Drilling rigs

Oil prices climbed on Thursday ahead of the OPEC+ meeting, to be held later today, amid expectations that the group will maintain the current production levels to counter the rise of coronavirus cases in some countries.

 

International benchmark Brent crude was trading up 0.8% at $63.21 per barrel, at 9.10 am Makkah time.

 

West Texas Intermediate (WTI) crude rose 0.8% to $59.65 per barrel.

 

“The most likely outcome of the (OPEC+) meeting is no significant changes in production,” Reuters reported, citing a report from Eurasia Group. “Any decisions on tapering will likely be delayed to the May meeting.”

 

The Joint Technical Committee, on March 31, 2021, made no formal recommendation on output limits, the news agency reported, citing three OPEC+ sources.

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