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Oil gets a boost ahead of OPEC summit tomorrow

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We have seen a strong European open this morning buoyed by continued resurgence from airline stocks as well as oil majors getting a boost ahead of the greatly anticipated OPEC meeting, which will take place tomorrow. Saudi Arabia and Russia both back extending production cuts as the market recovers from a supply glut on top of the slashing of demand as a result of global lockdown measures. There have been concerns with the level of compliance by some countries with regard to the production limits, and any extension to cuts could be in name only if they continue to be flouted. US crude is up 1 this morning at just under 38 a barrel. UK listed oil heavyweights BP and Royal Dutch Shell are up over 4 each.