(Bloomberg) -- Oil rose the most in five months amid expectations central banks will move to prop up financial markets and OPEC will curb supplies in response to the virus-driven demand shock.
Futures surged as much as 5.5% on Monday in New York after six straight losing sessions. Equities also surged as central bankers from some of the world’s most-advanced economies offered reassurances they’ll take stabilization measures. Meanwhile, the Organization of Petroleum Exporting Countries and allies including Russia are preparing to discuss output this week in Vienna.
“Central banks are providing a boost,” said Bob Yawger, futures director at Mizuho Securities USA. “The market is also looking to OPEC to save the day.”
OPEC and its allies are expected to agree on deeper production cutbacks when they meet in Vienna, according to a Bloomberg survey. All but two of 29 analysts, traders and brokers in a global poll predicted that the group will announce new curbs, with an average expectation of 750,000 barrels a day.
OPEC output plunged again last month as the group’s voluntary cutbacks were amplified by conflict in Libya that halted exports.
West Texas Intermediate futures for April delivery rose 2.2% to $46.97 a barrel at 11:41 a.m. on the New York Mercantile Exchange.
Brent futures for May delivery climbed 2.3% to $51.98 on the ICE Futures Europe exchange, after gaining as much as 4.8% earlier.
--With assistance from James Thornhill, Dan Murtaugh, Sharon Cho and Alex Longley.
To contact the reporter on this story: Jackie Davalos in New York at jdavalos10@bloomberg.net
To contact the editors responsible for this story: David Marino at dmarino4@bloomberg.net, Joe Carroll, Carlos Caminada
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