OPEC+ calls for "cautious optimism" despite oil price rally: document

March 2, 2021 3:06 PM EST

FILE PHOTO: The logo of the Organisation of the Petroleum Exporting Countries (OPEC) sits outside its headquarters ahead of the OPEC and NON-OPEC meeting, Austria December 6, 2019. REUTERS/Leonhard Foeger

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LONDON (Reuters) - A panel of experts of OPEC and allies, known as OPEC+, believes a recent oil price rally might have been caused more by financial players rather than improvements in physical oil market fundamentals, an OPEC+ document showed.

Experts also called "for cautious optimism" due to the underlying uncertainties in the physical markets and macro sentiment, including risks from COVID-19 mutations that are still on the rise, the document said.

(Reporting by OPEC newsroom; writing by Dmitry Zhdannikov; Editing by Chizu Nomiyama)

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