New York — Oil prices rose on Tuesday as OPEC+ sources said the producer group would stick to existing plans to boost oil output slightly from May 1, suggesting they do not see a lasting impact on demand from India’s coronavirus crisis.
The group has also ditched plans to hold a full ministerial meeting on Wednesday, the sources said. A technical meeting on Monday had voiced concern about surging COVID-19 cases but kept its oil demand forecast unchanged.
Brent crude was up 48 cents, or 0.7%, at $66.13 a barrel by 10:59 a.m. ET (1459 GMT), after climbing to a session high of $66.45. U.S. oil gained 63 cents, or 1%, to $62.54.
“Traders do not want to miss out on a potential bullish OPEC+ meeting so a limited optimism is reflected in prices,” said Bjornar Tonhaugen of Rystad Energy.
This article was oroginally posted at sweetcrudereports.com