Oil prices were flat to slightly higher on Wednesday after OPEC+ confirmed it would proceed with plans to add more barrels to the market, despite the coronavirus crisis enveloping key oil consumer India.

July Brent crude oil futures edged up 0.1 percent to $65.95 per barrel, while WTI crude futures for June settlement were up 0.1 percent at $63.03.

OPEC and its allies led by Russia, together known as OPEC+, on Tuesday decided to stick to their plan of gradually raising oil production beginning in May amid upbeat forecasts for a recovery in global demand.

The cartel advanced their meeting, which had been originally scheduled to take place on Wednesday.

The upside in oil prices remains capped by concerns over lower demand as India reported another record number of coronavirus cases and deaths, nudging its official covid-19 death toll past 200,000.

A bigger-than-expected build in U.S. crude stockpiles also weighed on prices.

The American Petroleum Institute (API) on Tuesday reported an extensive build in crude oil inventories of 4.32 million barrels for the week ending April 23, while analysts had expected a marginal draw in crude oil inventory amid an uptick in refinery demand.

The material has been provided by InstaForex Company – www.instaforex.com

Leave your vote

🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.

As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.