Oil prices surge ahead of OPEC+ meeting

LONDON, March 2, 2020 – Oil prices surged on Monday in Asia ahead of the much-awaited OPEC+ meeting this week.

US Crude Oil WTI Futures jumped 3.0% to $46.12 by 1:26 AM ET (05:26 GMT). International Brent Oil Futures gained 3.4% to $51.38.

Crude prices took their cue from a nosediving stock market to lose up to 16% this week for the biggest weekly tumble since 2008, before rebounding today.

This week, the EIA will issue its weekly supply-demand report on Wednesday, while OPEC will hold its members-only meeting on Thursday and talks with Russia and other allies on Friday.

Hopes that OPEC+ alliance will deepen output cuts supported oil prices today, as President of Russia Vladimir Putin said on Sunday that the country is ready to cooperate to support the world oil market.

Oil prices were also boosted by last Friday’s announcement by Federal Reserve Chair Jay Powell that the central bank was monitoring risks to the US from the coronavirus, and will use “appropriate tools” to support the economy.

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