{"id":108619,"date":"2021-03-04T05:08:46","date_gmt":"2021-03-04T05:08:46","guid":{"rendered":"https:\/\/fin2me.com\/?p=108619"},"modified":"2021-03-04T05:08:46","modified_gmt":"2021-03-04T05:08:46","slug":"oil-strengthens-on-prospect-of-opec-maintaining-supply-cuts-drop-in-u-s-inventories","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/oil-strengthens-on-prospect-of-opec-maintaining-supply-cuts-drop-in-u-s-inventories\/","title":{"rendered":"Oil strengthens on prospect of OPEC+ maintaining supply cuts, drop in U.S. inventories"},"content":{"rendered":"
FILE PHOTO: The sun sets behind the chimneys of the Total Grandpuits oil refinery, southeast of Paris, France, March 1, 2021. REUTERS\/Christian Hartmann<\/figcaption>

SINGAPORE (Reuters) – Oil prices rose for a second straight session on Thursday, as the possibility that OPEC+ producers might decide against increasing output at a key meeting later in the day lent support, alongside a drop in U.S. fuel inventories.<\/p>\n

Brent crude futures added 61 cents, or 1%, to $64.68 a barrel, as of 0428 GMT, after climbing more than 2% on Wednesday. U.S. West Texas Intermediate (WTI) crude futures gained 28 cents, or 0.5% to $61.56 a barrel.<\/p>\n

The Organization of the Petroleum Exporting Countries (OPEC) and allies, together called OPEC+, are considering rolling over production cuts into April instead of raising output, as a recovery in oil demand remains fragile due to the coronavirus crisis, three OPEC+ sources told Reuters.<\/p>\n

The market had been expecting OPEC+ to ease production cuts by around 500,000 barrels per day (bpd) from April.<\/p>\n

\u201cOPEC+ is currently meeting to discuss its current supply agreement. This raised the spectre of a rollover in supply cuts, which also buoyed the market,\u201d ANZ said in a report<\/p>\n

U.S. crude oil stockpiles surged by a record of more than 21 million barrels last week as refining plunged to an all-time low due to the Texas freeze that knocked out power for millions.<\/p>\n

With refiners unable to process crude, gasoline and distillate inventories also dropped dramatically, especially in the Gulf Coast region where their declines set records, the U.S. Energy Information Administration said on Wednesday.<\/p>\n

\u201cPrices hinge on Russia\u2019s and Saudi Arabia\u2019s preference to add more crude oil production,\u201d said Stephen Innes, global market strategist at Axi.<\/p>\n

\u201cPerhaps more interesting is the lack of U.S. shale (production) response to the higher crude oil prices, which is favourable for higher prices.\u201d<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

FILE PHOTO: The sun sets behind the chimneys of the Total Grandpuits oil refinery, southeast of Paris, France, March 1, 2021. 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