Oil Rises Ahead of OPEC+ Meet With Iran Talks at Standstill
- Saudi Arabia, Russia have differing views on production policy
- Iran nuclear agreement talks in stalemate ahead of OPEC+ meet
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Oil advanced with investors awaiting a key meeting between OPEC+ producers on output policy while a stalemate in Iranian nuclear talks drags on.
Futures rose 0.7% in New York on Wednesday. The OPEC+ alliance will meet Thursday to discuss output plans with Russia weighing a proposal to boost supply and Saudi Arabia signaling it prefers a more gradual approach. Meanwhile, negotiations over Iran’s nuclear program are facing the prospect of renewed delays, quelling the likelihood of a quick return of the nation’s supplies.