Oil up 2% on supply worries ahead of OPEC+ meeting

NEW YORK: Oil futures rose about 2 percent on Tuesday as traders worried that this week’s meeting of OPEC+ producers may not lead to a further boost in crude supply.

The Organization of the Petroleum Exporting Countries and allies including Russia, known as OPEC+, meet on Wednesday. Two of eight sources said a modest output hike would be discussed. The rest said a boost was unlikely.

OPEC+ trimmed its forecast for an oil market surplus this year by 200,000 barrels per day to 800,000 bpd, three delegates told Reuters.