Oil trades near $70 a barrel on improving demand outlookThe Organization of the Petroleum Exporting Countries and their allies including Russia will meet on Tuesday. The group known as OPEC+ is expected to stay the course on plans to gradually ease supply cuts until July.
“Trading excitement often drives the market just before OPEC+ meetings, and there is confidence that the oil producer group will demonstrate supply restraint at its meeting on Tuesday,” Louise Dickson, oil markets analyst at Rystad Energy said in a note to clients.