Oil prices climb over $2/bbl ahead of OPEC+ meeting

Oil prices rose more than $2 a barrel on Monday, extending gains as investors eyed possible moves by OPEC+ producers to cut output and support prices at a meeting later in the day, Reuters reported.
Brent crude futures had risen $2.42, or 2.6%, to $95.44 a barrel by 0641 GMT after gaining 0.7% on Friday. U.S. West Texas Intermediate crude was at $88.92 a barrel, up $2.05, or 2.4%, following a 0.3% advance in the previous session.
U.S. markets are closed for a public holiday on Monday.
At their meeting later on Monday, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, may decide to keep current output levels or even cut production to bolster prices, despite supplies remaining tight. read more
“OPEC+ will most likely keep output tight enough to retain the oil price amid demand disruptions that were sparked by the renewed lockdowns in some parts of China,” said Tina Teng, an analyst at CMC Markets.
Russia, the world’s second-largest oil producer and a key OPEC+ member, does not support a production cut at this time, and the group will likely keep its output steady when it meets on Monday, the Wall Street Journal reported on Sunday, citing unidentified people familiar with the matter.