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Crude futures climb ahead of OPEC+ meeting


Thursday, 9 April 2020 09:17 WIB

Minyak WTIMinyak MentahMinyak Brent


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Crude futures rose on Thursday on expectations the world's largest oil producers would agree to cut production at a meeting later in the day as the industry grapples with the coronavirus-driven collapse in global oil demand.

Brent crude (LCOc1) futures rose 2.5%, or 81 cents, to $33.65 as of 00:34 GMT after touching a high of $33.90, adding to gains in the previous session.

U.S. West Texas Intermediate (WTI) crude (CLc1) futures were up 4.3%, or $1.08, at $26.17, having climbed as much as 6%.

The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia - a group known as OPEC+ - are set to convene a video conference meeting on Thursday.

The meeting is expected to be more successful than their gathering in March, where they failed to agree to extend supply cuts and triggered a price war between Saudi Arabia and Russia.

Source : Reuters


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