Source: Markets Insider
Oil investors are holding its price above $75 a barrel as they adopt a wait-and-see attitude on OPEC+ intervention, solving output differences between the UAE and Saudi Arabia. CL1! Is up +0.19%.
- Fresh talks are due on Monday after OPEC+ members last week failed to reach an output agreement for 2021.
- Most OPEC+ members are pushing for a slow output increase of 400,000 barrels a day, a suggestion put forward by Saudi Arabia and Russia, but rejected by UAE.
- If OPEC+ do not solve the deadlocks, the July output agreement will extend to August, with analysts warning it could tighten oil markers and push prices above $80 a barrel.
- There is an expectation that oil prices could fall if OPEC+ resolves the deadlock, which could allow producers to take advantage.