Photographer: Eddie Seal / Bloomberg
Photographer: Eddie Seal / Bloomberg
Resumption of oil gains – rebounding from the biggest downturn since November – ahead of this week’s much-anticipated OPEC + production position meeting that will help determine if a rally is scorching surviving.
New York futures rose above $ 62 per barrel in early Asian trading after losing 3.2% on Friday. The alliance, led by Saudi Arabia and Russia, will meet Thursday and is expected to return some barrels to market until they start to accelerate to a year. But it is not clear how strong the group will act, with a Saudi energy minister urging delegates to remain “very cautious.” ”
See also: OPEC + Faces calls for cool oil market frenzy with extra barrels
Crude sank on Friday as a strengthening dollar damaged the price of commodity prices and amid concerns about inflation. However, the American oil market still rose nearly 18% in February.
Saudi Arabia’s deep product cuts, a view of growing demand and increased demand for commodities as an anti-inflation hedge have pushed oil higher this year. There is a raft of A bullish call a few weeks ago will continue to predict the rally as the producer ‘s response goes behind spending, as maintenance in the North Sea fields is poised for cuts in supply in the coming months. ahead.
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OPEC + continues to segregate just over 7 million barrels of daily output – about 7% of global supply – and will decide this week whether to cut a 500,000-barrel allowance revived in April. The Saudis will also confirm the return of an additional 1 million barrels they recently took offline as scheduled. If the output cycles do not fall below requirements, however, it could trigger another increase, and the 23-nation group would have to deal with the outcome.