Oil price strengthens ahead of Opec+ meeting
Futures rise above $49 before oil producers’ alliance meets to decide on February production levels
Oil rose for a fourth day on Monday, aided by a falling dollar, before oil cartel Opec and its alliance, which includes Russa (Opec+) alliance meets to decide whether it can keep lifting output as surging coronavirus infections smother the global energy demand recovery.
Futures in New York climbed past $49 a barrel after rising 0.6% last week. The alliance returned 500,000 barrels a day to the market in January and will meet on Monday to decide on production levels for February. The outlook for the first half is very mixed and there are still many downside risks to juggle, Opec secretary-general Mohammad Barkindo said at a meeting on Sunday...
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