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Oil Holds Gains Near $75 as OPEC+ Delays Key Output Decision

imageCommodities1 hour ago (Jul 01, 2021 06:54PM ET)

(C) Bloomberg. Oil pumping jacks, also known as

(Bloomberg) — Oil in New York held on to most of its overnight gains after infighting within OPEC+ delayed a decision on production levels.

West Texas Intermediate slipped 0.3% to trade near $75 a barrel on Friday, following its biggest gain in more than a week. The alliance between the Organization of the Petroleum Exporting Countries and others including Russia was forced to postpone its decision to return more oil to the market after a key member blocked the deal at the last minute.

The standoff between the United Arab Emirates and the rest of the cartel could ultimately mean that OPEC+ won’t increase production at all, according to a delegate. The group earlier appeared to have an agreement in principle to boost output by 400,000 barrels a day each month from August to December.

Ministers will reconvene on Friday.

(C)2021 Bloomberg L.P.

Oil Holds Gains Near $75 as OPEC+ Delays Key Output Decision

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