Crude Oil Prices Gain Steadily Ahead Of OPEC+ Meet

London — Crude oil futures were up steadily as expectations of another OPEC+ rollover grow ahead of the coalition’s meeting on April 1.

At 1102 GMT, the front-month ICE Brent June crude futures were up $0.65/b at $63.39/b, while the front-month NYMEX May light sweet crude futures contract was $0.77/b higher at $59.93/b.

The oil markets were a bit jittery after the Joint Ministerial Monitoring Committee of OPEC+ ended without any recommendation being made. But the key nine-country monitoring committee revealed that it now expects global oil demand to rise more slowly than previously expected.

The OPEC secretariat revised its 2021 global oil demand forecast to 5.6 million b/d, down 5% from its forecast of 5.9 million b/d made three weeks ago. Most of the rebound is expected to occur in the second half of the year. Read more…..


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