English
Oil is advancing as the OPEC meeting awaits, and supply and demand concerns keep gains limited
Oil rose in Asian morning trade on Tuesday, with investors covering short positions ahead of the OPEC + meeting scheduled for later this week, but the pessimistic outlook for the balance of global supply and demand for fuel kept black gold's gains limited.
At 10:15 PM ET (3:15 AM GMT), Brent futures, which are considered the global benchmark in oil prices, were up 0.15% to trade at $ 39.67 a barrel. As for West Texas Intermediate crude futures, or what is known among traders, in US oil, it rose by 0.21% to trade at $ 37.34 a barrel, leaving both major contracts in the oil market below the barrier of $ 40 a barrel.
The continuing spread of the Corona epidemic continues to impede the recovery of fuel demand worldwide, as the number of global cases exceeded 29.1 million, according to data from Johns Hopkins University.
The Organization of Petroleum Exporting Countries lowered its forecast for global oil demand on Monday, a few days before the meeting of the Joint Ministerial Monitoring Committee of the OPEC + group, scheduled for Thursday. The meeting will discuss compliance with the production cuts that were approved in April and were then eased in August. Markets do not expect further cuts at the meeting.
Fears of oversupply in global oil markets rose after the Libyan leader, Khalifa Haftar, pledged on Sunday to end the siege of his forces on oil facilities, which had remained in effect since January.
