Oil resumes climb as traders look ahead to pivotal OPEC+ meeting
Oil resumed gains — rebounding from the biggest drop since November — ahead of a keenly anticipated OPEC+ production-setting meeting this week that will help to determine whether a scorching rally endures.
Futures in New York rose above $62 a barrel in early Asian trading after losing 3.2% on Friday. The alliance, led by Saudi Arabia and Russia, meets Thursday and is expected to return some barrels to a market off to its quickest ever start to a year. But it’s unclear how vigorously the group will act, with the Saudi energy minister calling for producers to remain “extremely cautious.”
Crude sank on Friday as a strengthening dollar damped the appeal of commodities priced in the currency and amid concerns around inflation. Yet, the American oil benchmark still managed to rally nearly 18% in February.
