Oil Prices Set to End the Week With a Minor Gain

Crude oil prices are set to end the week with a modest gain on expectations that OPEC+ will extend its production cap deal, tightening supply further. OPEC initially agreed to reduce combined supply by 2.2 million bpd over the first quarter of the year and meet in early March to decide whether it should extend the cuts for another quarter. Given the tight range that oil has been trading in amid multiple headwinds, the extension was virtually a certainty. Some observers even expect OPEC+ to extend the cuts until the end of the year, which has lent…