Oil little changed despite talk of possible OPEC+ supply boost

Oil prices ended little changed on Tuesday, as geopolitical tensions and tight global supplies supported the market even as some speculated that OPEC+ might boost supplies more than expected.

The Organization of the Petroleum Exporting Countries and allies, together known as OPEC+, has been expected to decide at a monthly meeting on Wednesday to keep gradually increasing production. But Goldman Sachs said there was a chance the oil market’s rally would prompt a faster ramp-up.

On Friday, crude benchmarks hit their highest prices since October 2014, with Brent touching $91.70 and U.S. crude hitting $88.84. They gained about 17% in January on a supply shortage, political tensions in the Middle East and between Russia and the West over Ukraine.