Oil prices rise on hope of OPEC+ extending output cuts

Gulf Today Report

Oil prices gained on Tuesday as traffic bounced back through the Suez Canal after days of delay and investors keep an eye on OPEC+ meeting this week where supply curbs may be extended.

Brent crude was down 21 cents, or 0.3%, at $65.19 a barrel by 04:11 GMT while US oil was up 19 cents, or 0.3%, at $61.75 a barrel.

Ships were moving through the Suez Canal again on Tuesday after tugs refloated the giant Ever Given container carrier, which had been blocking a narrow section of the passage for almost a week, causing a huge build-up of vessels around the waterway. 

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Avtar Sandu, senior commodities manager at Philip Futures in Singapore said the Saudi-championed decision to hold back more oil production will produce a tight oil market with global stock draws.

Saudi Arabia is prepared to accept an extension of the production cuts through June, and is also ready to prolong voluntary unilateral curbs amid the latest wave of coronavirus lockdowns, a source briefed on the matter said on Monday.