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Oil prices rise as investors await OPEC+ meeting outcome

Oil prices gained on Thursday as markets focus on OPEC+ meeting later today hoping it would yield output constraint in the face of resurgent COVID-19 infections in some regions. 

Brent crude for June delivery was up by 31 cents, or 0.5%, at $63.05 a barrel by 01:59 GMT while US oil was up 38 cents, or 0.6%, at $59.54 a barrel, having dropped 2.3% on Wednesday.

In a report, Eurasia Group said, “the most likely outcome of the … meeting is no significant changes in production.”

The reduction of OPEC+ oil demand growth forecast for 2021 by 300,000 barrels per day also affected prices.

OPEC+ is currently curbing output by just over 7 million bpd to support prices and reduce oversupply. Saudi Arabia has added to those cuts with a further 1 million bpd.

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