Oil gains ahead of OPEC+ video meeting

Oil is in the spotlight this week with two big meetings scheduled for today (OPEC+) and tomorrow (G20 energy ministers). Crude is moving higher ahead of OPEC+ meeting with Brent trading near $34 and WTI trading near $26.50. Below we provide a quick recap of recent oil-related news:

OPEC+ video meeting to start at 3:00 pm BST. Press conference will be held afterwards (timing uncertain)
There is a growing feeling that producers may agree to cuts of around 10 million barrels per day
Russia wants the US and Canada to participate in the cuts but neither of the two countries will take part in today's meeting
Without US and Canada on board, major producers may not want to reduce output in order not to lose market share
G20 energy ministers will hold a video meeting tomorrow at 1:00 pm BST. United States, Canada and Russia are all expected to participate
Non-OPEC producers will be asked to join output cuts during the G20 meeting tomorrow

Brent (OIL) trades in a range this week as it awaits a key decision from major producers. Price moved into the upper limit of the range and it will be up to OPEC+ whether we see a break or not. Source: xStation5

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