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OPEC and allies hold a monitoring meeting on Tuesday instead of
Wednesday as had been planned. A technical meeting on Monday had
voiced concern about surging COVID-19 cases but kept its 2021
oil demand forecast unchanged.
Brent crude was up 30 cents, or 0.5%, at $65.95 a barrel by 1015
GMT, after dropping 0.7% on Monday. U.S. oil also gained 30
cents, or 0.5%, to $62.21.
"Traders do not want to miss out on a potential bullish OPEC+
meeting so a limited optimism is reflected in prices," said
Bjornar Tonhaugen of Rystad Energy. "Should OPEC+ turn a blind
eye to India though, the gains may quickly evaporate."
The group known as OPEC+ is set to slightly ease oil output cuts
from May 1 under a plan agreed before the coronavirus surge in
India, the world's third-largest crude importer which has
recorded a daily rise of more than 300,000 cases for several
days. It has also reported a total of almost 200,000 deaths.
Others expect OPEC+ to stick to its easing policy.
"We still expect that the group will announce no changes to its
plan," ING Economics analysts said in a note.
In another development that could eventually add supply to the
market, talks in Vienna aimed at reviving the 2015 Iran nuclear
accord were set to resume on Tuesday.
Record OPEC+ supply cuts last year have helped drive a recovery
in prices from historic lows. Most of the curbs are still in
place.
Also in focus this week will be the latest U.S. oil inventory
reports, which analysts expect will show a rise in crude stocks.
The first report, from the American Petroleum Institute, is out
at 2030 GMT. [EIA/S]
(Additional reporting by Aaron Sheldrick; Editing by Jason Neely
and Edmund Blair)
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