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OPEC+ may postpone March meeting to June

OPEC+ may postpone March meeting to June

Mubasher: OPEC and its allies are expected to postpone an upcoming policy meeting from March to June, Reuters reported on Tuesday.

OPEC+ may extend its current oil production reduction agreement to June in case March meeting was postponed, unnamed sources said.

February West Texas Intermediate crude rose by $0.35, or 0.6%, to $58.43 per barrel (pb) on Tuesday on the New York Mercantile Exchange.

Meanwhile, March Brent increased by $0.59, or 0.9%, to $64.79 pb on ICE Futures Europe.

WTI settled at its lowest level since 3 December 2019 on Monday, while Brent ended at the lowest level since 12 December on yesterday’s session.