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Oil Edges Up With OPEC+ Delaying Talks to Resolve Differences

  • Saudis and Russia have differing views on need for more supply
  • U.S. crude supplies fell 8.15 million barrels last week: API
Oil Rises With Demand Optimism Offsetting Virus Concerns
Photographer: David Paul Morris/Bloomberg
Updated on

Oil closed higher with OPEC+ ministers divided ahead of a key meeting later this week on production policy.

Futures in New York managed to eke out a small advance after switching between gains and losses on Tuesday. While OPEC+ members such as Russia have considered backing an increase in output, Saudi Arabia has exercised caution in the face of growing demand and global spread of the delta variant. The alliance delayed preliminary talks between ministers by one day to allow more time to resolve differences.