Brent jumps 3% after OPEC + meeting is confirmed tomorrow

Oil prices jumped today, Friday, as traders awaited the indicators of the OPEC + meeting, which was confirmed tomorrow, Saturday, where major oil producers will discuss whether to extend record production cuts.

Brent crude futures rose $ 1.19, or 2.98 percent, to $ 41.18 a barrel by 1043 GMT, while U.S. West Texas Intermediate crude futures rose 85 cents, or 2.27 percent, to $ 38.26 a barrel.

Brent has gained about 14 per cent since the beginning of this week, while West Texas Intermediate crude has risen nearly 6 per cent, bringing the benchmarks crude to the path of achieving gains for the sixth week. The rise stemmed from production cuts in light of signs of improved fuel demand, as countries began easing public isolation measures imposed to prevent the spread of the emerging Corona virus.

The Organization of Petroleum Exporting Countries (OPEC) and allies, including Russia, in a so-called “OPEC +” group, will meet on Saturday to discuss extending production cuts.

And sources in the “OPEC +” had mentioned, earlier, that a ministerial meeting via video conference may be held this week, if Iraq and others agree to strengthen their commitment to the existing production cuts.

It is worth noting that the “OPEC +” group was expected to hold a meeting on Thursday, but was postponed amid talks on the failure of some countries of the agreement to meet their quotas from production cuts.

SOURCE: attaqa.net