Oil climbs as China boosts vaccinations, investors look to OPEC+
BNN Bloomberg
Oil rose as China refined its approach for dealing with COVID-19 after widespread protests against strict curbs, and investors looked ahead to an OPEC+ meeting that may see a supply cut to counter market weakness.
West Texas Intermediate gained above $79 a barrel, reversing an earlier drop. Beijing said it would bolster vaccination among seniors, a move regarded by health experts as crucial toward reopening the economy. Prices were whipsawed on Monday following unrest in the world's top crude importer at the weekend.
The Organization of Petroleum Exporting Countries and its allies including Russia may consider supply cuts when members meet to assess output policy this weekend, potentially deepening curbs agreed the last time members convened in October. The gathering precedes a deadline for European Union curbs on Russian flows as the bloc struggles to agree on a price cap.
