Oil rose with traders looking ahead to an OPEC+ meeting this week and as salvage teams partially refloated the giant vessel that has been blocking the Suez Canal for days.
West Texas Intermediate erased earlier declines, following volatile trading in recent days. The market’s focus remains on the demand impact of renewed coronavirus lockdowns before the OPEC+ discussions on output policy on Thursday. The first steps have been taken toward reopening one of the world’s most important waterways, maneuvers continue to fully free the Ever Given container ship.
Oil is set to close out a fourth consecutive quarterly gain this week, aided by sustained supply curbs imposed by the Organization of Petroleum Exporting Countries and its allies, and optimism that global demand will expand as coronavirus vaccines get rolled out. But a run of three weekly losses for WTI has put a dent in crude’s performance, underpinning speculation that OPEC+ will again refrain from easing curbs when ministers hold their virtual meeting this week.
