Oil prices edge up as Opec+ prepares to meet and consider biggest output cut – The National

Oil prices edge up as Opec+ prepares to meet and consider biggest output cut – The National

Oil prices edged up on Tuesday a day before an Opec+ meeting, where the 23-member alliance of crude producers will assess their future output levels.

Brent, the benchmark for two thirds of the world’s oil, was trading 0.63 per cent higher at $89.42 a barrel at 9.54am UAE time on Tuesday. West Texas Intermediate, the gauge that tracks US crude, was up 0.44 per cent at $84 a barrel.

Both benchmarks had surged on Monday, their most since May, with Brent advancing by more than 4 per cent and WTI soaring above 5 per cent, after media reports suggested the oil supergroup was considering reducing its output by more than 1 million barrels per day, which would be its largest output cut since the start of the Covid-19 pandemic.