Oil dips near $61 ahead of key OPEC+ meeting on output policy

Oil traded near $61 a barrel in New York, with investors focusing on a critical OPEC+ meeting that may see supply curbs eased.

West Texas Intermediate slid 0.4%, while Brent also dropped, as the dollar hit a high for the day. Saudi Arabia and Russia, the most influential members of the OPEC+ alliance, held talks on Wednesday to seek common ground on production as Riyadh urged caution and Moscow sought to increase supplies, a delegate said. The group meets later on Thursday to agree on output levels for April.

Oil rose earlier on Thursday amid gathering tensions in the Middle East as Yemen’s Houthi rebels claimed attacks on Saudi targets. The rebels, who are backed by Iran, said they bombed an airbase in Saudi Arabia’s southwest with a drone and hit a Saudi Aramco crude facility in Jeddah. Aramco and Saudi officials didn’t immediately respond to requests for comment.