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Gulf Today Report
Oil prices gained on Wednesday as investors focus on OPEC+ meeting set for tomorrow in which producers would largely extend their supply curbs to May.
Brent crude rose 32 cents, or 0.5%, to $64.46 a barrel at 05:25 GMT while US West Texas Intermediate (WTI) crude futures climbed 26 cents, or 0.4%, to $60.81 a barrel.
The Organization of the Petroleum Exporting Countries and allies, OPEC+, are set to meet on Thursday, following a month in which oil prices have whipsawed on concerns about extended pandemic lockdowns in Europe, slow vaccine rollouts and rising COVID-19 cases in India and Brazil, pitted against growing optimism on growth in the United States.
Considering all that is going on, OPEC+ may pressure prices by another 2 to 3%, said Sunilkumar Katke, head of currencies and commodities at Axis Securities.
Under existing curbs, OPEC, led by Saudi Arabia, and non-OPEC producers, led by Russia, have cut just over 7 million barrels per day (bpd), while Saudi Arabia has made an additional voluntary reduction of 1 million bpd.
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Oil prices rose on Thursday on optimism about U.S and European economic recoveries and expectations OPEC and its allies will keep production curbs in place.
US West Texas Intermediate (WTI) crude futures eased 4 cents, or 0.1% to $40.97 a barrel at 0655 GMT, while Brent crude futures fell 11 cents, or 0.3% to $44.04 a barrel.
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