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OPEC+ Remains At An Impasse

OIL

Oil has traded heavy in the Asia-Pac session on Monday; WTI is down $0.09 from settlement levels at $75.07/bbl, Brent is down $0.09 at $76.08/bbl. Markets look ahead to the next round of talks between OPEC+ members with the group at an impasse. Saudi Arabia and the UAE remain at odds over output with both sides taking to the airwaves over the weekend to air grievances. Saudi Arabia claims there is support within the group for extending the declaration of cooperation beyond April 2022 and increasing output, and that the UAE is alone in its dissent. The UAE is firm in its commitment to only a short-term increase and better terms for itself beyond 2022. The group is scheduled to meet again at 1400BST today.

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