Oil prices rose on Monday on expectations that OPEC and allied producers may cap output at current levels in February at a meeting later in the day as the coronavirus pandemic keeps worries about first-half demand elevated.
Brent crude for March was at $52.42 a barrel, up 62 cents or 1.2%, by 0348 GMT while U.S. West Texas Intermediate crude for February rose 55 cents, or 1.1%, to $49.07 a barrel.
Broader macro momentum trends including a weaker dollar and investors positioning for a recovery in the oil sector this year could be supporting oil prices, Energy Aspects analyst Virendra Chauhan said.
“Maybe there is some positive sentiment from OPEC+ looking to constrain supply in light of the virus rearing its ugly head in the west,” he added.