Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Oil Up, Expectations of OEPC+ Output Restraint Continue

CommoditiesApr 01, 2021 12:58AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

By Gina Lee

Investing.com – Oil was up Thursday morning in Asia, recouping some of its overnight losses as expectations that the Organization of the Petroleum Exporting Countries and allies (OPEC+) will continue to restrain output.

Brent oil futures were up 0.59% to $63.11 by 12:53 AM ET (4:53 AM GMT). WTI futures gained 0.68% to $59.57, slipping just below the $60 mark.

The cartel’s member states will meet later in the day, where the global output for May will be on the top of the agenda.

"The most likely outcome of the... meeting is no significant changes in production," Eurasia Group said in a note.

"The caution on display in the OPEC+ discussions signals that any decisions on tapering will likely be delayed to the May meeting," the note added, in reference to the gradual supply of withheld production to the market.

The OPEC+ joint technical committee, which met on Wednesday, reportedly made no formal recommendation. OPEC+ is currently curbing output by just over 7 million barrels per day (bpd) to support prices and avoid a supply glut. Saudi Arabia, the world’s second-largest oil producer, is additionally cutting a further 1 million bpd.

Meanwhile, the number of global COVID-19 cases continues to rise, with several regions reporting outbreaks and imposing restrictive measures. France, for example, entered its third lockdown, with schools to close for three weeks.

In the U.S., Wednesday’s crude oil supply data from the U.S. Energy Information Administration reported a draw of 876,00 barrels in the week ended Mar. 26. Forecasts prepared by Investing.com predicted a 107,000-barrel build, while a 1.912-million-barrel build was reported for the previous week.

Supply data from the American Petroleum Institute the day before reported a build of 3.91 million barrels.

Oil Up, Expectations of OEPC+ Output Restraint Continue
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email