Oil rose to $ 66 a barrel on Tuesday amid speculation at the OPEC + meeting that the coronavirus crisis in India could reduce fuel demand.
OPEC and its allies will hold a monitoring meeting on Tuesday. At a technical meeting Monday, concerns were raised about the increase in COVID-19 cases, although the 2021 oil demand forecast remained unchanged.
Brent crude oil, which fell by 0.7% a barrel on Monday, is up 58 cents, or 0.9%, at 0820 GMTto $ 66.23 . West Texas Intermediate (WTI) oil rose 79 cents, or 1.3%, to $ 62.70 per barrel.
Oil prices are on the rise today, hoping that with supply policy changes at the upcoming OPEC + meeting, India can solve the destruction of demand.
OPEC + and its allies will slightly alleviate oil production cuts starting May 1 as demand improves. The consensus was reached before the Indian cases.
India, the third largest crude oil importer in the world, has recorded 323,144 new cases in the last 24 hours, and the death toll approached 200,000.
Record OPEC + supply cuts implemented last year helped oil prices to rebound from historic lows. Producers expect OPEC to adhere to its relaxation policy and announce any changes in its plan, if any.
The latest US oil inventory reports to be announced, expected to increase, will give an idea of demand and consumption.
