Oil prices rose on Monday, and no agreement has been reached to increase production after OPEC + countries halted talks on output levels.
Brent was up 94 cents, or 1.2%, at 1652 GMT at $ 77.11 a barrel, trading at a 2-1 / 2 year high. The U.S. A barrel of oil increased by $ 1.11 or 1.5%. Was $ 76.27.
When OPEC + ministers abandoned talks last week and rejected a proposed eight-month extension to the UAE ban on publishing, they did not set a new date to resume them.
The Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC +, have agreed to record output cuts in 2020 to cope with a coveted price fall.
Manufacturers are gradually easing release restrictions, but a plan to raise output by about 2 million barrels per day (BPD) a day from Friday to August 2021 and extend the contract for gradual release changes until the end of 2022 has been blocked by the United Arab Emirates.
OPEC + prices, which did not add extra barrels to the market next month, increased but also added volatility, said Louis Dixon, an analyst at Rystad Energy Oil Market, noting that prices have briefly turned negative.
“The meeting was adjourned today and the time taken to announce it shows that there are some negotiations,” he said.
He said the failure of the ING economy to come to an agreement would be a brief reversal of oil prices, but “this could also mark the beginning of the end for a broader agreement, so there is a risk that members will start to increase production.”
U.S. Independence Day Martin King, the senior analyst at RPN Energy, said thin trading over the holidays added to volatility and prices could move sideways over a period of “buyer fatigue” after a long time.
Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman, OPEC’s largest oil exporter, on Sunday, called for “compromise and rationality” to secure a deal.
This position is consistent with uncertainty about the course of the infection and concerns about the spread of the delta variant of the coronavirus.
But positive European economic data provided some support. Eurozone businesses expanded operations in June at the fastest rate in 15 years as the easing of coronavirus controls revived the service industry.
In the United States, energy companies have increased oil and natural gas rickshaws in the last four to three weeks.