Sharjah24 – Reuters: Oil prices were steady on Monday with investors and traders awaiting crucial talks by OPEC+ following disagreement over output within the group that could lead to major producers pumping up volumes to grab market share.
Brent crude was up 4 cents at $76.21 a barrel by 0558 GMT, after falling 1 cent last week, the first weekly decline in six. U.S. oil also gained 4 cents, trading at $75.20 a barrel, having risen 1.5% last week, the sixth consecutive week of gains for the contract.
The Organisation of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, voted on Friday to increase production by about 2 million barrels a day from August to December 2021 and to extend the remaining output cuts to the end of 2022, but objections from the United Arab Emirates (UAE) prevented an agreement.
It was a rare public disagreement between members of the group, with national interests increasingly diverging, which is impacting OPEC+ policy as oil users want more crude as their economies recover from the COVID-19 pandemic.
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