A debate is rife on the table for the OPEC and allies (OPEC+), as they are likely to discuss whether to roll over the current oil output cuts in May and beyond or go for a gradual increase of production, Reuters reports, citing three sources familiar with the matter.
According to the sources, there could be a proposal for a gradual increase in output up to 500k bpd in May and June.
On Wednesday, a report from the group’s experts panel meeting, citing that OPEC+ is worried about the demand recovery for oil due to rising coronavirus infections and lockdown measures worldwide.
WTI recaptures the $60 mark
WTI caught a fresh bid-wave and spiked to daily highs of $60.65 on the OPEC+ headlines.
The quick move higher soon fizzled out, as the US oil now trades at $60.20, adding 1.80% on the day, eagerly awaiting the outcome of the OPEC+ meeting.
WTI technical levels
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