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REFILE-Oil prices firm on prospect of OPEC+ maintaining supply cuts, drop in U.S. inventories

Published 03/04/2021, 09:57 AM
Updated 03/04/2021, 11:50 AM
© Reuters.
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(Refiles to remove extraneous word in paragraph 5)
SINGAPORE, March 4 (Reuters) - Oil prices rose for a second
straight session on Thursday, as the possibility that OPEC+
producers might decide against increasing output at a key
meeting later in the day underpinned alongside a drop in U.S.
fuel inventories.
Brent crude LCOc1 futures added 11 cents, or 0.2%, to
$64.18 a barrel, as of 0148 GMT, after climbing more than 2% on
Wednesday. U.S. West Texas Intermediate (WTI) crude CLc1
futures were unmoved at $61.28 a barrel.
The Organization of the Petroleum Exporting Countries (OPEC)
and allies, together called OPEC+, are considering rolling over
production cuts into April instead of raising output, as a
recovery in oil demand remains fragile due to the coronavirus
crisis, three OPEC+ sources told Reuters. The market had been expecting OPEC+ to ease production cuts
by around 500,000 barrels per day (bpd) from April.
"OPEC is currently meeting to discuss its current supply
agreement. This raised the spectre of a rollover in supply cuts,
which also buoyed the market," ANZ said in a report.
U.S. crude oil stockpiles surged by a record of more than 21
million barrels last week as refining plunged to an all-time low
due to the Texas freeze that knocked out power for millions.
With refiners unable to process crude, gasoline and
distillate inventories also dropped dramatically, especially in
the Gulf Coast region where their declines set records, the U.S.
Energy Information Administration said Wednesday.

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