Oil prices falling ahead of OPEC+ meeting

Oil prices are falling in anticipation of the OPEC+ meeting, Report informs, referring to Bloomberg.

Investors fear that the alliance may weaken production restrictions against the backdrop of an improvement in the situation with coronavirus.

As of 8:49 (Baku time), the price of May futures for North Sea Brent crude oil blend decreased by 1.1 percent to $62.99, April futures for WTI oil - by 1.19 percent, to $59.92 per barrel.

Investors are a little bit unsure whether OPEC will continue with the support they provided over the last few months with the supply cuts, said Daniel Hynes, a senior commodity strategist at Australia & New Zealand Banking Group Ltd.

If there’s a higher-than-expected increase that could make things difficult in the short term, given demand still shows signs of fragility, he said.