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Free AccessOil Holds Gains Ahead Of OPEC+ Talks Resumption
Oil is higher, on track for a fourth day of gains. WTI is up $0.20 from settlement at $75.43/bbl while Brent is up $0.18 at $76.02. WTI gained 2.4% yesterday and briefly rose above $76/bbl after OPEC+ members failed to reach a final agreement on oil production plans in coming months. If the resumption of talks later today doesn't result in an agreement, the group would fall back on existing agreements and keep oil supply unchanged until April 2022 which could exacerbate deficit conditions in oil markets. The group had reportedly agreed in principle to boost oil production by 400k bpd a month from August to December but the deal was blocked by UAE at the last minute. The UAE said it would only back a deal if the baseline for its output cuts was increased.
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.