Crude oil prices edge up on Opec output cut compliance; pandemic still weighs

NEW YORK: Oil prices rose slightly Thursday as a panel of OPEC and its allies met to review record oil supply cuts, even as the market remained concerned about additional coronavirus cases reported in parts of the United States and China.

Brent crude futures were up 54 cents at $41.25 a barrel by 11:23 a.m. EST (1523 GMT) and US West Texas Intermediate (WTI) crude futures rose 59 cents to $38.55 a barrel.

“You’re going to see more OPEC compliance,” said Phil Flynn, senior oil analyst at Price Futures Group in Chicago. “I think we’d be a lot higher if it weren’t for these coronavirus fears.”