WTI crude futures narrowed ahead of meetings of the Petroleum Exporting Countries (OPEC) and allies. Or OPEC Plus today
At 19.55 Thai time, the West Texas Crude Oil (WTI) contract for delivery in April. It traded on NYMEX, plus 20 cents, or 0.33 percent, to $ 61.48 a barrel.
The source stated that OPEC Plus meeting today The meeting will have a resolution to maintain the production capacity in April.
Previously, it was expected that The OPEC Plus meeting will pass a resolution to relax measures to cut production. Since the oil price has now recovered. OPEC Plus is expected to increase production by 1.5 million barrels per day in April.
However, the source said The meeting decided to maintain the production capacity. The recovery in oil prices remains uncertain. Due to the spread of the COVID-19 virus
There is also some concern that the rebound in oil prices has been caused by investor speculation. Instead of due to market fundamentals
Meanwhile, OPEC expects global oil demand this year to rise 5.8 million bpd to 96 million bpd. Which is lower than last year’s demand Which is at 100 million barrels / day
Investors still keep an eye on US economic stimulus measures. The US House of Representatives voted in favor of the $ 1.9 trillion stimulus package over the weekend. And it is now in the Senate hearing. Before sending it to President Joe Biden signed the endorsement into law.
U.S. House of Representatives Speaker Nancy Pelosi expects the completion of the stimulus approval process before March 15, the date the unemployment measures affected by COVID-19 will expire.
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