Oil prices rose on Thursday on optimism over a U.S. government spending plan and hopes that OPEC and its allies will keep production curbs in place when they meet on Thursday.

Brent crude was up by 91 cents, or 1.5%, at $63.65 a barrel by 0849 GMT. U.S. oil was up 99 cents, or 1.7%, at $60.15 a barrel.

Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, a group called OPEC+, meet on Thursday to reassess output policy. 
OPEC+ will debate options from May and beyond, including a rollover of existing cuts and a gradual increase of production, three OPEC+ sources said.

OPEC+ is currently curbing output by just over 7 million barrels per day (bpd) to support prices and reduce oversupply. Saudi Arabia has added to those cuts with a further 1 million bpd.

"Given the recent wobble in prices, along with demand concerns re-emerging once again, there is a growing consensus that the OPEC+ will likely roll over current cuts for an additional month," ING analyst Warren Patterson said.

OPEC+ has trimmed its oil demand growth forecast for this year by 300,000 bpd over renewed lockdowns, making it more likely the group will agree to sustain its curbs.

France entered its third national lockdown and schools closed for three weeks to push back a third wave of COVID-19 infections that threatens to overwhelm hospitals. Several other European countries have also increased restrictions.

Oil also found some support in U.S. economic strength after President Joe Biden outlined a $2.3 trillion spending plan to invest in traditional projects such as roads and bridges alongside tackling climate change.

U.S. crude stocks also fell unexpectedly last week, helping to support oil prices, Energy Information Administration data showed.

"The inventory data ... showed that the situation is continuing to normalise on the U.S. oil market," Commerzbank analyst Eugen Weinberg said.

Other factors, including the rise of gasoline demand in the United States, also supported prices, Weinberg said.

Oil prices rose on Thursday on optimism over a U.S. government spending plan and hopes that OPEC and its allies will keep production curbs in place when they meet on Thursday.

Oil prices rose on Thursday on optimism over a U.S. government spending plan and hopes that OPEC and its allies will keep production curbs in place when they meet on Thursday. Brent crude was up by 91 cents, or 1.5%, at $63.65 a barrel by 0849 GMT. U.S. oil was up 99 cents, or 1.7%, at $60.15 a barrel. Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, a group called OPEC+, meet on Thursday to reassess output policy. OPEC+ will debate options from May and beyond, including a rollover of existing cuts and a gradual increase of production, three OPEC+ sources said. OPEC+ is currently curbing output by just over 7 million barrels per day (bpd) to support prices and reduce oversupply. Saudi Arabia has added to those cuts with a further 1 million bpd. "Given the recent wobble in prices, along with demand concerns re-emerging once again, there is a growing consensus that the OPEC+ will likely roll over current cuts for an additional month," ING analyst Warren Patterson said. OPEC+ has trimmed its oil demand growth forecast for this year by 300,000 bpd over renewed lockdowns, making it more likely the group will agree to sustain its curbs. France entered its third national lockdown and schools closed for three weeks to push back a third wave of COVID-19 infections that threatens to overwhelm hospitals. Several other European countries have also increased restrictions. Oil also found some support in U.S. economic strength after President Joe Biden outlined a $2.3 trillion spending plan to invest in traditional projects such as roads and bridges alongside tackling climate change. U.S. crude stocks also fell unexpectedly last week, helping to support oil prices, Energy Information Administration data showed. "The inventory data ... showed that the situation is continuing to normalise on the U.S. oil market," Commerzbank analyst Eugen Weinberg said. Other factors, including the rise of gasoline demand in the United States, also supported prices, Weinberg said.

Oil up as OPEC+ meets to decide on production policy

Tullow <a href="https://www.wionews.com/business-economy/shares-end-lower-as-oil-prices-soar-after-saudi-attack-249991">Oil shares</a> more than halved on Monday as Chief Executive Officer Paul McDade stepped down and the energy company scrapped its dividend after failing to meet production targets due to weak performance by flagship assets in Ghana.

The company has been plagued by technical problems at its Jubilee field in Ghana and a delay in completing a well at the TEN offshore field, which led Tullow to cut its estimates for 2019 oil output last month.

Tullow also suffered blows in recent months due to setbacks at East Africa projects in Uganda and Kenya, as well as to its plans to develop oil fields in Guyana.

The shares were down 53 per cent&nbsp;by 0901 GMT, as Tullow's head of exploration Angus McCoss also resigned on Monday.

Tullow reset its production outlook and is expected to produce 87,000 barrels of oil per day (bopd) this year, while lower production in 2020 of between 70,000 and 80,000 bopd, as it undertook a review of its production performance issues.

In a conference call, the company said it was open to receiving offers to acquire the company at the proper value.

The Africa-focused oil firm also suspended its dividend as it aimed to generate more cash to support future investment plans and current explorations.

"The board has, however, been disappointed by the performance of Tullow's business and now needs time to complete its thorough review of operations," Executive Chairman Dorothy Thompson said.

Chief Financial Officer Les Wood said Tullow remained "comfortable" with its covenants with banks and the London-listed company said it had started a process to find a new group chief executive.

Cantor Fitzgerald Europe described the difficulties the company announced as "a bit of a kitchen sinking".

"Investors may well agree that a reset is the correct approach, although that is unlikely to prevent another huge sell-off today," the financial services company said in a note.

Tullow Oil shares more than halved on Monday as Chief Executive Officer Paul McDade stepped down and the energy company scrapped its dividend after failing to meet production targets due to weak performance by flagship assets in Ghana.

Tullow Oil shares more than halved on Monday as Chief Executive Officer Paul McDade stepped down and the energy company scrapped its dividend after failing to meet production targets due to weak performance by flagship assets in Ghana. The company has been plagued by technical problems at its Jubilee field in Ghana and a delay in completing a well at the TEN offshore field, which led Tullow to cut its estimates for 2019 oil output last month. Tullow also suffered blows in recent months due to setbacks at East Africa projects in Uganda and Kenya, as well as to its plans to develop oil fields in Guyana. The shares were down 53 per cent by 0901 GMT, as Tullow's head of exploration Angus McCoss also resigned on Monday. Tullow reset its production outlook and is expected to produce 87,000 barrels of oil per day (bopd) this year, while lower production in 2020 of between 70,000 and 80,000 bopd, as it undertook a review of its production performance issues. In a conference call, the company said it was open to receiving offers to acquire the company at the proper value. The Africa-focused oil firm also suspended its dividend as it aimed to generate more cash to support future investment plans and current explorations. "The board has, however, been disappointed by the performance of Tullow's business and now needs time to complete its thorough review of operations," Executive Chairman Dorothy Thompson said. Chief Financial Officer Les Wood said Tullow remained "comfortable" with its covenants with banks and the London-listed company said it had started a process to find a new group chief executive. Cantor Fitzgerald Europe described the difficulties the company announced as "a bit of a kitchen sinking". "Investors may well agree that a reset is the correct approach, although that is unlikely to prevent another huge sell-off today," the financial services company said in a note.

Britain's Tullow Oil shares plunge over 50% as CEO resigns

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Oil up as OPEC+ meets to decide on production policy

Britain's Tullow Oil shares plunge over 50% as CEO resigns