Crude Futures Squeeze Out Small Gains

Oil squeezed out some gains on Tuesday, following a round trip on Monday that saw crude finish with small losses. WTI is up $0.28 from settlement levels at $62.19/bbl, Brent is up $0.28 at $65.93/bbl.

• A meeting of OPEC+ technical experts, who provide a formal recommendation to the ministers, began a virtual meeting on Monday. It was reported that the Indian virus issue was at the forefront of deliberations. Resurgent case numbers in Brazil and Japan are also said to have featured heavily in discussions over demand prospects. It was also reported that additional oil refiners in India are postponing maintenance as worker numbers fall, which could result in a reduction in run rates. According to Bloomberg the OPEC+ committee of technical experts forecast that oil consumption will rebound by 6m bpd in 2021 compared to last year, adding that most of the fuel inventories glut built up during the pandemic will have cleared by the end of Q2.