Oil sinks toward $60 before OPEC+ meets to decide on supplies

Oil held steady just days before many of the world’s largest producer nations meet to discuss how much crude they should supply in the coming months. Crude futures in New York were trading near $61 a barrel. OPEC and its allies will meet on Thursday to decide if they will ease supply curbs further after Saudi cuts pushed the groups output lower last month. Ahead of the gathering, OPEC’s largest producer has urged members to take a cautious approach, despite headline prices having their best ever first two months of a year. Not everyone shares that caution, however. India reiterated a call for the group to increase its oil production from April. Abu Dhabi National Oil Co. will reduce supplies to Asian customers by less than previous months in April. Crude’s strong start has been buoyed by a range of factors, including deep Saudi output cuts. The rollout of vaccines and an investor charge into commodities have also underpinned the gains. “I don’t think OPEC+ will crash the party in the sense that it will tip the market into oversupply,” said Bjarne Schieldrop, chief commodities analyst at SEB AB. “The selloff is more like ‘great run, this is where […]

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