Crude oil prices rebounded, offsetting some of the losses recorded in the previous session with expectations that the meeting of OPEC and its allies today will see a retention in production commitments.
Ahead of the opening of the European session, Brent crude futures traded up 1.2% at $ 63.52 a barrel, while US WTI was up 1.3% and traded around $ 60 a barrel.
OPEC and its allies, or better known as OPEC+ will meet today, where the issue of global production for May will be the top agenda.
OPEC+ is currently reducing its production by around 7 million barrels a day to support prices and Saudi Arabia has also voluntarily reduced its output by 1 million barrels a day since March.
There are positive expectations that OPEC+ will remain with current production, moreover previously Saudi Arabia reportedly expressed its readiness to support a proposal to extend its current production cutting commitments until May or June.
This is compounded by the situation in the European Union (EU), where sanctions measures have been extended for a longer period due to a third wave that is re -attacking the bloc.
Most recently, French President Emmanuel Macron announced a third nationwide lockdown for four weeks effective Saturday.
