OPEC, which supplies about 40 percent of the world’s crude, kept its production target unchanged in a widely anticipated move that left the group’s output below forecast demand for the rest of the year.
OPEC ministers say they will almost certainly leave their oil-production ceiling unchanged when the group meets this week. What really matters for markets is whether Saudi Arabia will respond to global supply shortfalls by pumping a record amount of crude.
Brent rose for the first time in three days as a vote in Ukraine stoked concern that oil supplies from Russia, the world’s biggest energy exporter, may be curbed. West Texas Intermediate increased after hedge funds cut wagers.