Oil prices rose on the eve of a meeting between OPEC and its allies, at a time when investors are betting that producers will largely agree to extend restrictions on their supplies until next May.

The OPEC + (OPEC) coalition raised concerns about the increase in the number of infections with the Coronavirus worldwide, and that the general isolation measures will affect the recovery of oil demand, according to a report issued by a meeting of the group's expert committee reviewed by Reuters.

And Brent crude futures for May delivery - which expire today, Wednesday - rose by 0.5% to 64.46 dollars a barrel by 05:25 GMT, after falling 1.3% on Tuesday.

Brent, the most active contract for June delivery, rose 0.4% to $ 64.42 a barrel.

The benchmark Brent crude fell 2.5% since the beginning of this month, compared to an increase of 18% in February.

US West Texas Intermediate crude futures rose 26 cents, equivalent to 0.4%, to $ 60.81, after falling 1.6% in the previous session.

"The expectation is that (OPEC Plus) will show restraint on supplies," said Vivek Dahar, a commodity analyst at the Commonwealth Bank.

 The meeting of OPEC and its allies

The Organization of the Petroleum Exporting Countries (OPEC) and allies in what is known as the "OPEC Plus" group will meet tomorrow, Thursday, after a month


in which oil prices

fell

due to concerns about the extension of general isolation measures aimed at combating the pandemic in Europe, the slow distribution of vaccines, and the high number of cases of Covid-19 In India and Brazil, in contrast to the growth optimism about growth in the United States.

OPEC Plus surprised the market last month by agreeing to extend supply restrictions, with a limited exception for Russia and Kazakhstan, at a time


when fuel demand

appeared

to recover.

Under the current restrictions, OPEC - led by Saudi Arabia - and non-OPEC producers - led by Russia - cut more than 7 million


barrels per day, while Saudi Arabia implements a voluntary additional reduction of one million barrels per day.

A source familiar with the matter told Reuters this week that the kingdom was ready to support an extension of supply cuts until next June, in particular its voluntary reduction to support prices.

The view that producers should curb supply was strengthened by data published by the American Petroleum Institute on Tuesday, which showed that crude oil inventories in the United States rose by 3.9 million barrels in the week ending March 26.