Oil near $42 ahead of Opec+ review of easing output curbs

Oil near $42 ahead of Opec+ review of easing output curbs

BloombergOil fell below $42 a barrel in New York at the start of a week that will see Opec+ gather to assess its supply deal as countries struggle to contain the virus that's hurt economies and fuel demand globally. The Joint Ministerial Monitoring Committee — the panel which reviews the deal between the Organisation of Petroleum Exporting Countries (Opec) and its allies — is poised for a planned meeting on Wednesday, with the group starting to return some crude supply to the market this month following deep reductions. Opec+ will meet as pockets of the market have started to weaken in recent weeks. Futures for the Middle East's Dubai benchmark are trading lower now than for future months, known as contango, which indicates oversupply. For the global Brent benchmark, that