Oil Rises on OPEC Hesitation, Rising Demand — Market Talk

US benchmark oil prices end sharply higher, finishing up 2.6% at $61.28 a barrel on investors’ expectations that OPEC will once again punt on any significant increase in production despite an easing pandemic and rising global demand for oil. “OPEC doesn’t want to rock the boat here. They have what they want, $60 oil, and don’t want to risk deflating prices,” says Peter Cardillo at Spartan Capital. Assuming OPEC doesn’t make any big increases to production at its Thursday meeting Cardillo says prices may start to move toward $65 a barrel, especially as more and more economies open up by lifting restrictions on travel and other oil demand-boosting activities.