The oil prices remained above $75 per barrel as the markets waited for the decision of whether OPEC+ discussions. The disagreement between UAE and Saudi Arabia on the production output has led to the continued deadlock among the oil-producing nations.
- The OPEC+ oil-producing nations failed to reach an agreement on the production output quotas for 2021 and expansion of the internal supply in the remaining months of 2021.
- The Brent crude futures increased by 0.24% closing at $76.67. WTI futures increased by 0.23% closing at $75.32.
- Russia and Saudi Arabia are recommending a gradual increase of 400,000 barrels each day, every month for the remaining months of 2021, an argument supported by most OPEC+ members.
- The demand for oil is likely to expand as the economies continue to relax the pandemic restrictions.
The restrictions on supply could lead to increasing oil prices that could slow the recovery of the global economy.
DJI gains +0.44%, Brent Crude Futures gains +0.24%
Source: Markets Insider.
