Oil prices were flat to slightly higher on Wednesday after OPEC+ confirmed it would proceed with plans to add more barrels to the market, despite the coronavirus crisis enveloping key oil consumer India.
July Brent crude oil futures edged up 0.1 percent to $65.95 per barrel, while WTI crude futures for June settlement were up 0.1 percent at $63.03.
OPEC and its allies led by Russia, together known as OPEC+, on Tuesday decided to stick to their plan of gradually raising oil production beginning in May amid upbeat forecasts for a recovery in global demand.
The cartel advanced their meeting, which had been originally scheduled to take place on Wednesday.
The upside in oil prices remains capped by concerns over lower demand as India reported another record number of coronavirus cases and deaths, nudging its official covid-19 death toll past 200,000.
A bigger-than-expected build in U.S. crude stockpiles also weighed on prices.
The American Petroleum Institute (API) on Tuesday reported an extensive build in crude oil inventories of 4.32 million barrels for the week ending April 23, while analysts had expected a marginal draw in crude oil inventory amid an uptick in refinery demand.
For comments and feedback contact: editorial@rttnews.com
Market Analysis