(Bloomberg) — Oil erased earlier gains ahead of an OPEC+ meeting on Tuesday to discuss production policy for February.
Futures in New York erased earlier gains, falling as much as 0.9% on Monday. The Organization of Petroleum Exporting Countries chose Kuwaiti oil executive Haitham al-Ghais as its next top diplomat. Earlier, Libya’s crude output is expected to fall to the lowest in more than a year as workers try and fix a damaged pipeline. It comes less than two weeks after militia shuttered Sharara, the country’s biggest oil field.
OPEC reduced its estimate of the surplus in global oil markets this quarter, a day before the group and its allies considers another output boost. The findings may encourage the 23-nation OPEC+ coalition to proceed with the modest production increase that’s expected, according to a Bloomberg survey.
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