04.10.202110:18:00UTC+00Oil Holds Steady Ahead Of OPEC+ Meeting

Crude prices held steady on Monday ahead of the latest meeting of top producers which could result in additional output being added into the global market.

Brent crude futures for December delivery inched up 0.1 percent to $79.36 a barrel, while U.S. crude futures for November delivery were little changed at $75.92.

The Organization of the Petroleum Exporting Countries and allies led by Russia, a group known as OPEC+, meet later today to discuss production policy amid a rapidly tightening market.

According to some market watchers, the cartel may go beyond its existing deal to boost production by 400,000 barrels per day (bpd) in November and December.

Benchmark Brent crude has risen 50 percent so far this year, surpassing $ 80 a barrel last month for the first time in three years on expectations that oil demand will grow sharply in the next few years as the global economy recovers from the COVID-19 pandemic.

In July, the group agreed to increase monthly production by 400,000 barrels per day (bpd) until at least April 2022 and phase out existing reductions of 5.8 million barrels.