Oil gains on expectations of news from OPEC+

World oil prices are rising on Thursday after a decline the day before, while traders are awaiting OPEC+ decision on the parameters of the deal for May, according to trading data.

Report informs, citing Prime, that as of 09.17 (Baku time), the price of June futures for the North Sea Brent oil mixture grew by 0.51% - up to $63.06. The cost of May futures on WTI increased by 0.61% - up to $59.52 per barrel. On Wednesday, the decline reached 2%.

The oil volatility the day before was caused by market expectations for the OPEC+ deal. On Wednesday, the OPEC + ministerial monitoring committee meeting ended without recommendations on the future policy of the alliance.

The meeting of all the heads of the OPEC+ delegations will take place on Thursday to determine the deal parameters to reduce oil production in May amid new concerns about demand due to the third wave of coronavirus.

The alliance of producers is almost guaranteed to extend the current cuts in oil production in May, France Presse reports citing PVM analyst Stephen Brennock. The expert suggests that the existing curbs can be extended to June with the possibility of easing for Russia and Kazakhstan.

The statistics on oil reserves in the US, published a day earlier, have a positive effect on prices. Over the past week, commercial oil reserves in the country fell for the first time since mid-February - by 0.9 million barrels, to 501.8 million. At the same time, experts expected an increase in the figure by 0.1 million barrels.