Kim Kwang-rae

As geopolitical risks involving Iran are likely to persist, that would support WTI to stay above $60 a barrel, while Brent is expected to stay above $65 per barrel but below $70 for the time being.

The market sentiment is that OPEC+ will agree to extend cuts, but after all what matters is how deep the cuts will be and how much Saudi Arabia and Russia will curb.

As the possibility of Russia ending the OPEC deal remains, that i... by Kim Kwang-rae

As the possibility of Russia ending the OPEC deal remains, that is capping further gains.

An increase in U.S. crude inventories is weighing on oil prices and in the long term, concerns over rising oil production in the Permian region is keeping a lid on prices.

The gains are seen to be a technical rebound from the last session's losses, but the market's focus is on the OPEC meeting and how much Saudi Arabia and Russia would increase output.