Oil prices were down in early trade on Wednesday, extending several days of losses, amid uncertainty over how much supply producing countries will push to restore to the market at a meeting this week while the coronavirus pandemic persists. U.S. West Texas Intermediate (WTI) crude futures fell 18 cents, or 0.3%, to $59.57 a barrel by 0122 GMT, down 6% since Feb. 25, when they hit their highest close since May 2019. The Organization of the Petroleum Exporting Countries (OPEC) and allies, together called OPEC+, are set to meet on Thursday, at a time when they are generally positive on the oil market outlook compared with a year ago when they slashed supply to boost prices.
Oil prices pared gains at the start of the week, seemingly hitting a temporary high note. Traders are on edge as they away a decision from OPEC+ regarding the potential easing of production cuts
Higher crude prices will play a vital role in the economic recovery of all oil-producing nations, but Middle Eastern producers in particular are desperate to keep prices high