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Oil prices rise ahead of OPEC + production policy meeting
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Oil prices rose on Tuesday, ahead of a meeting in which major producers are expected to adhere to plans to increase supplies in February, as cases of the Covid-19 virus did not cause the shutdown of the largest consumer of the fuel.
Brent crude futures rose 39 cents to $79.38 a barrel at 04:45 GMT, and US West Texas Intermediate crude futures also rose 27 cents to $76.35 a barrel, and both benchmark contracts jumped more than 1% on Monday.
The Organization of the Petroleum Exporting Countries (OPEC), Russia and its allies - the so-called OPEC+ community - are due to meet on Tuesday. The Joint Ministerial Monitoring Committee is scheduled to meet at 1200 GMT, followed by a ministerial meeting at 1300 GMT.
OPEC+ sources said the organization is likely to stick to its plan to increase production by 400,000 barrels per day in February, as it has done every month since August.
A number of analysts and energy experts said that OPEC+ is unlikely to change course given current price expectations, pressure from the administration of US President Joe Biden to boost supply, and the absence of major new restrictions on movement due to the coronavirus.
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