Oil climbs as OPEC+ members make statements ahead of closed meeting

The comments generally highlight discipline

  • Saudi oil min:OPEC should continue with flexible approach
  • Saudi oil min: “Until evidence of recovery is undeniable, we should maintain this cautious stance”
  • Novak: We have to monitor vaccine pace and lockdowns
  • Novak: Important not to let the oil market overhead or be undersupplied
  • Angloa minister highlighted need to caution

The closed meeting (where the decision-making happens) is now underway. It sounds like an extension of cuts is coming. WTI is up to $60.28 from $59.50 before they started speaking.

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