New York March 1 2024: Oil prices rose on Friday and were set for weekly gains as markets awaited an OPEC+ decision on supply agreements for the second quarter while also weighing fresh U.S., European and Chinese economic data.
Brent futures for May were up $2.24, or 2.73%, at $84.15 a barrel by 12:08 p.m. EST (1334 GMT). The April Brent futures contract expired on Feb. 29 at $83.62 a barrel.
U.S. West Texas Intermediate (WTI) for April rose $2.37, or 3.03%, to $80.63 a barrel.
WTI is on track for a 5.4% increase this week, while following the switch in contract months Brent is around 3.1% higher than last week’s settlement price.
“The expectation that OPEC+ is going to continue with their voluntary production cuts well into the second quarter of 2024 is the main focus on the market,” said Andrew Lipow, president of Lipow Oil Associates.
A decision on extending OPEC+ cuts is expected in the first week of March, sources have said, with individual countries expected to announce their decisions.
