Oil gains ahead of OPEC+ meeting on output policy

Crude prices rose on Thursday, recouping some of the previous session’s losses on expectations that a meeting of OPEC and its allies later on Thursday would yield output constraint in the face of resurgent Covid-19 infections in some regions.

Brent crude for June delivery was up by 31 cents, or 0.5 per cent, at $63.05 a barrel by 07:29 IST after falling 2.2 per cent overnight. US oil was up 38 cents, or 0.6 per cent, at $59.54 a barrel, having dropped 2.3 per centon Wednesday.

Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia and Kazakhstan, a group called OPEC+, meet later on Thursday to consider options that include an output roll-over and a gradual output increase.