Oil Prices Rise, Is There Good News From Saudi Arabia? - Kakiforex | Forex markets for the smart money. Oil Prices Rise, Is There Good News From Saudi Arabia? Oil Prices Rise, Is There Good News From Saudi Arabia?

March 30, 2021

Oil Prices Rise, Is There Good News From Saudi Arabia?

 Crude oil traded positive on Tuesday as market focus shifted to a meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its OPEC+ allies on Thursday.


US WTI traded higher at $ 61.60 a barrel, while Brent crude traded higher at $ 64.93 a barrel.


Both benchmarks had previously recorded a decline of more than 2% after the giant ship Ever Given was successfully diverted after blocking the passage of the Suez Canal since last week.



However, the black commodity trade rebounded after there were positive reports on the OPEC meeting this week.


Saudi Arabia will reportedly support an extension in crude oil production cuts until May or June as an increase in the number of Covid-19 cases in Europe has reduced prospects for a recovery in fuel demand.


The situation in Europe remains bleak, with a large number of European countries implementing stricter restrictions to curb coronavirus transmission amid delays in vaccination programs.