Amrita Sen says OPEC+ is likely to raise output by “anything up to 500,000 barrels per day.” Oil rose above $74 a barrel as the market waited for a meeting later on Thursday at which OPEC+ will decide on production levels. Futures in New York added as much as 1.4% to the highest since 2018. A familiar dynamic has emerged in the alliance, with Russia and Kazakhstan proposing boosting supply while Saudi Arabia and its Gulf Arab allies favor more caution, according to delegates. Although the group is expected to return some barrels in August, nervousness over the more virulent delta strain of coronavirus may limit the boost. Adding fuel to the rally was a surge in natural gas prices, which hit a record in Europe on Thursday. Some gas contracts are still linked to the cost of Brent, meaning crude markets were also getting an uplift from […]