Oil sinks toward $60 before OPEC+ meets to decide on supplies
Oil sank below $60 a barrel in Asian trading amid growing concern over this week’s OPEC+ output-setting meeting.
Futures in New York fell for a third day, putting them on course for the worst run of losses since December. The alliance gathers on Thursday to decide how many barrels to return to a market that had its best ever start to a year before the current skid. Ahead of the gathering, Saudi Arabia has urged members to take a cautious approach even as signs of tightening emerge.
Crude roared higher in the opening two months of 2021, aided by the deep OPEC+ supply cuts, which include unilateral reductions by the Saudis. The roll-out of vaccines and an investor charge into commodities has also underpinned the gains, which pushed prices in New York to the highest close since 2019.
