Brent Crude Rises Above US$34 a Barrel amid Upcoming OPEC+ Meeting
Crude oil price have started growing amid the upcoming OPEC+ meeting aimed at discussing oil output cuts. The Brent crude oil futures climbed over three percent and are trading at US$34.12 per barrel on the London-based ICE Futures Europe Exchange. The U.S. West Texas Intermediate crude oil futures are trading US$27.15 a barrel.
OPEC and its allies, also known as OPEC+, are expected to meet on Thursday April 9, a delay from Monday April 6, via video conference. Experts say that the tensions between the states were the reasons why the virtual meeting has been postponed. The countries couldn’t reach a consensus on quota allocation on oil production cuts. Producers need more time for negotiations. In addition, the pessimistic news related to the COVID-19 pandemic has also put pressure on the oil market.