The Organization of the Petroleum Exporting Countries and its allies (OPEC +) They may debate whether to renew current oil production cuts in May and beyond or opt for a gradual increase in production, Reuters reported, citing three sources familiar with the matter. According to sources, there could be a proposal for a gradual increase in production of up to 500,000 barrels per day in May and June.
On Wednesday, a report from the group’s expert panel meeting, showed concern about the recovery of oil demand due to the increase in coronavirus infections and lockdown measures around the world.
WTI recovers the $ 60 brand
The barrel of WTI rallied after trading below $ 59 in the Asian session and rallied to $ 60.65, then stabilized at the $ 60.30 area.
The oil market is waiting for news from the meeting of OPEC and its allies. In addition, the oil rig count report will be published. Regarding US economic data, there will be the weekly report of unemployment benefit requests, the IHS Markit and the ISM manufacturing (March) and construction spending (February).
Technical levels
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