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Oil prices rise on optimism OPEC+ meeting will result in supply cut


Thursday, 9 April 2020 13:05 WIB

Minyak WTIMinyak MentahMinyak Brent


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Oil prices 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 a coronavirus-driven collapse in global oil demand.

Brent crude (LCOc1) futures rose 1.2%, or 41 cents, to $33.25 a barrel as of 05:29 GMT. The contract rose to an intra-day high of $33.90, climbing for a second day.

U.S. West Texas Intermediate (WTI) crude (CLc1) futures were up 3.3%, or 82 cents, at $25.91 a barrel, after earlier climbing by as much as 6.1%.

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.

Source : Reuters


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