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For the second day ... Oil is rising before the OPEC + meeting
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Oil prices rose for the second session in a row, on Thursday, with OPEC + producers likely to take a decision against increasing production at an important meeting later in the day, providing support, along with a drop in US fuel inventories .
Brent crude futures rose 48 cents, or 0.75%, to $ 64.55 a barrel, as of 05:24 GMT, after rising more than 2% on Wednesday. U.S. West Texas Intermediate crude futures rose 38 cents, or 0.63 percent, to $ 61.66 a barrel .
Three OPEC + sources said that the Organization of the Petroleum Exporting Countries (OPEC +) are considering extending production cuts to April rather than increasing production, as the recovery in oil demand remains fragile due to the Coronavirus crisis .
The market had expected OPEC + production cuts to be eased by about 500,000 bpd from April .
Crude oil inventories in the United States jumped to a record high of more than 21 million barrels last week, as refining fell to an all-time low due to a freeze in Texas that knocked out electricity for millions .
The US Energy Information Administration said on Wednesday that refineries are unable to process stocks of crude, gasoline and distillates which have also fallen dramatically, especially in the Gulf Coast region where they recorded record declines.
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