Oil rises further on hopes of tighter supply as OPEC+ talks abandoned
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TOKYO, July 6 – Oil prices rose slightly on Tuesday after the previous day's rally, supported by expectations of a tighter market as output talks of OPEC+ nations were called off, but concerns that members may start to increase production capped gains.
Brent crude was up 7 cents, or 0.1%, at $77.23 a barrel by 0052 GMT, after gaining 1.3% on Monday.
U.S. West Texas Intermediate (WTI) crude futures were at $76.38 a barrel, up $1.22, or 1.6%, from Friday's close, having traded through a U.S. holiday to mark Independence Day without a settlement.
SAUDI ARABIA PUSHES BACK ON UAE OPPOSITION TO OPEC+ DEAL
Ministers of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, called off oil output talks and set no new date to resume them, after clashing last week when the United Arab Emirates rejected a proposed eight-month extension to output curbs, meaning no deal to boost production has been agreed.
"Expectations of OPEC+ not adding the extra supply to the market from August lent support on Monday, but investors are not keen to move in either direction from here due to uncertainty over actual actions by the OPEC+ members from next month," said Toshitaka Tazawa, an analyst at commodities broker Fujitomi Co.