Oil supply concerns

Oil extended its recovery from a near one-year low on speculation that the Organization of the Petroleum Exporting Countries and its allies will deepen supply cuts to respond to weakening global demand. U.S. crude rose on Monday after a report that OPEC+ could consider supply cuts when members meet this weekend to assess production policy. Earlier in the week, crude hit its lowest level since December in the opening session as rising COVID-19 cases across China and demonstrations against virus restrictions hurt commodities. Authorities were unable to hold new protests on Monday night as police were heavily imposed in major cities, including the capital Beijing. Authorities will hold a briefing on COVID prevention and control measures at 3 p.m.