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By Shu Zhang and Sonali Paul SINGAPORE (Reuters) -Oil prices rose on Tuesday as investors looked for bargains following the previous day s plunge on rising output from OPEC+, while strong economic data from the United States and China brightened recovery prospects. Brent crude futures rose 78 cents, or 1.26%, to $62.93 a barrel by 0646 GMT, after falling 4.2% on Monday. U.S. West Texas Intermediate (WTI) crude futures rose 81 cents, or 1.38%, to $59.46, after sliding 4.6% on Monday. Market sentiment was buoyed by a survey from the Institute for Supply Management (ISM) on Monday showing activity in the U.S. services industry reached its highest level on record in March. The data came after a jobs report on Friday beat forecasts with 916,000 added to the U.S. economy last month. ....
Oil gains ahead of OPEC+ meeting on output policy Reuters TOKYO | Updated on × Crude prices rose on Thursday,recouping some of the previous session s losses on expectations that a meeting of OPEC and its allies later on Thursday would yield output constraint in the face of resurgent Covid-19 infections in some regions. Brent crude for June delivery was up by 31 cents, or 0.5 per cent , at $63.05 a barrel by 0159 GMT after falling 2.2 per cent overnight. US oil was up 38 cents, or 0.6 per cent , at $59.54 a barrel, having dropped 2.3 per cent on Wednesday. Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia and Kazakhstan, a group called OPEC+, meet later on Thursday to consider options that include an output roll-over and a gradual output increase. ....
The United States has called on Saudi Arabia to make sure there is “affordable energy” supply in the world, ahead of today’s OPEC+ meeting where the cartel will discuss production rates ....