Oil set for best half since 2009 as demand recovers ahead of OPEC+ meeting
Oil is heading for its best half since 2009 as the rebound from the pandemic boosts fuel consumption and tightens the market ahead of a key OPEC+ meeting that’s expected to lead to an increase in supply.
Futures in New York rose toward $74 a barrel on Wednesday and are up more than 50% this year. The American Petroleum Institute reported that U. S. crude stockpiles fell by 8.15 million barrels last week, according to people familiar, adding to positive sentiment before OPEC+ meets on Thursday.
The alliance will be busy after delaying preliminary talks on the oil market to allow members more time to resolve differences. The hold-up comes as a Covid-19 resurgence in some regions raises concerns over the demand outlook.
