Oil prices decline ahead of OPEC+ meeting

Source: Xinhua| 2021-03-03 04:51:51|Editor: huaxia

NEW YORK, March 2 (Xinhua) -- Oil prices moved lower on Tuesday as market participants awaited a key meeting from major producers.

The West Texas Intermediate for April delivery lost 89 cents to settle at 59.75 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for May delivery decreased 99 cents to close at 62.70 dollars a barrel on the London ICE Futures Exchange.

"This week will be dominated by Thursday's meeting of OPEC and its allies (OPEC+), when the alliance's strategy for the coming months will be decided," Eugen Weinberg, energy analyst at Commerzbank Research, said in a note on Tuesday.

"Particular attention is likely to be paid to the performance of prices ahead of the meeting given the dynamism and ongoing risks with respect to the supply/demand situation," he said.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, widely known as OPEC+, agreed in January to keep most oil production curbs in place from February to the end of March. They are expected to discuss their future moves on production when they meet on Thursday. Enditem