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U.S. oil futures settle modestly higher a day ahead of the OPEC+ meeting

31350 us oil futures settle modestly higher a day ahead of the opec meeting

U.S. oil futures settled slightly higher on Tuesday, as traders await the outcome of Wednesday’s meeting of major oil producers. OPEC+, which comprises the Organization of the Petroleum Exporting Countries and their allies, is expected to agree to a 400,000 barrel-per-day production increase for March. “When you factor in that many members are struggling to hit their quotas, oil seems poised to head higher,” said Edward Moya, senior market analyst at OANDA. “Fears of disruption to supplies will remain elevated given the winter blast hitting the north and the geopolitical risks abroad,” he added. West Texas Intermediate crude for March delivery CLH22, +0.32% edged up by a nickel, or nearly 0.1%, to settle at $88.20 a barrel on the New York Mercantile Exchange.

Source: Marketwatch

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