Oil edges up as OPEC+ seeks to break impasse over supply


Oil prices were slightly up 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 15 cents at $76 a barrel, after slipping one cent last week. U.S. oil gained 12 cents, to $75 a barrel, having risen 1.5% last week, the sixth consecutive week of gains for the contract.

Meanwhile, OPEC and its allies, 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 prevented an agreement.

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