- OPEC+ expected to prolong cuts at meeting to be held online
- Brent above $83 a barrel after touching lowest since February
Oil rose after dropping last week, with the focus on an OPEC+ supply meeting on Sunday and US demand at the start of the summer driving season.
Brent futures rose above $83 a barrel after dropping 2.2% last week and touching the lowest since early February. West Texas Intermediate advanced above $78. The Organization of the Petroleum Exporting Countries and its allies will hold a policy meeting online, and are widely expected to prolong production cuts into the second half of 2024.
Prices were also supported by concern that Israel’s war in Gaza may expand to the broader region, threatening oil supplies, after an Egyptian sol