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Oil rises on expectations OPEC+ will maintain supply discipline

Brent crude futures rose 15 cents, or 0.2%, to $64.29 a barrel at 0202 GMT, after falling 1.3% on Tuesday.

March 31, 2021 / 07:51 AM IST
Source: Reuters

Source: Reuters

Oil prices rose on Wednesday, paring overnight losses a day ahead of a meeting of OPEC and its allies, with investors betting the producers will largely agree to extend their supply curbs into May.

Brent crude futures rose 15 cents, or 0.2%, to $64.29 a barrel at 0202 GMT, after falling 1.3% on Tuesday.

U.S. West Texas Intermediate (WTI) crude futures jumped 15 cents, or 0.3%, to $60.70 a barrel, after falling 1.6% in the previous session.

"The expectation is OPEC+ is going to show supply discipline, so that's pivoting the market," said Commonwealth Bank commodities analyst Vivek Dhar.