Oil prices are rising about 1%, supported by expectations that OPEC + will maintain production cuts

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Monday, March 29, 2021 - 21:02
Point Trader Group
Oil prices are rising about 1%, supported by expectations that OPEC + will maintain production cuts

Oil prices rose about 1% on Monday (March 29th), after Reuters reported that Russia would support stability in OPEC + crude production ahead of a producer group meeting later this week.

Crude contracts fell earlier in the session after news that a container ship stuck in the Suez Canal blocked traffic for about a week and was floated back.

Brent crude futures, the world benchmark, ended the trading session up 41 cents, to settle at $ 64.98 a barrel.

US West Texas Intermediate crude futures rose 59 cents to settle at $ 61.56 a barrel.

A source familiar with the matter said Russia would support generally stable oil production from the OPEC + group, of which the Organization of the Petroleum Exporting Countries and its allies including Russia, in May as it seeks a relatively small increase for itself to meet growing seasonal demand.


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