Home Economy Brent stays above $75/bbl amid impasse in OPEC+ talks

Brent stays above $75/bbl amid impasse in OPEC+ talks

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Oil storage containers are seen, amid the coronavirus disease (COVID-19) pandemic, in Los Angeles, California, U.S., April 7, 2021. REUTERS/Lucy Nicholson

SINGAPORE, July 12 (Reuters) – Oil prices were little changed in early Asian trade on Monday as an impasse in talks among key producers to raise output in coming months kept supplies tight, offsetting concerns about coronavirus’ impact on the global economy.

Brent crude for September fell 4 cents to $75.51 a barrel by 0032 GMT while U.S. West Texas Intermediate crude for August was at $74.57 a barrel, up 1 cent.

Oil prices slumped last Tuesday after the Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, did not reach an agreement to increase output from August. This was because the United Arab Emirates rejected a proposed eight-month extension to OPEC+ output curbs. read more

“Uncertainty has enveloped the market in the wake of OPEC’s stalemate over future…

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