Crude futures rose 0.9% in New York on Tuesday. Ahead of OPEC meetings later this week, the group’s Joint Technical Committee recommended an output cut of 600,000 to 1 million barrels a day. The proposal helped insulate oil from a broader market decline that followed an emergency rate cut by the U.S. Federal Reserve, which investor worried wouldn’t be enough to thwart the economic impacts of the virus. “Today’s rally is about OPEC,” says Andrew Lebow, senior partner at Commodity Research Group. “It looks like they’ll make a substantial cut and it could bring the oil market closer to equilibrium.” Futures extend gains after OPEC+ committee recommends supply cut See also: OPEC+ Experts Recommend Group Considers Larger Oil-Output […]