Crude oil prices have been rallying and staying at two-year high as OPEC+ resumes talk on Monday after failing to reach a deal on oil output policy twice last week, due to UAE blocking some aspects of the pact and the rising tensions between Saudi Arabia and the United Arab Emirates.
The OPEC ministers had recommended increasing oil extraction by 400K barrels per day from August to December, and agreement extension until December 2022, but the United Arab Emirates opposed on the proposal, stating that the country needs a daily output of 3.8 million barrels instead of 3.168 million. The deal sealing is so important as this could delay plans to pump more oil until the end of this year, and prices could skyrocket and reach multi-record highs.
Brent crude oil was at $76.27, while U.S. West Texas Intermediate climbed at $75.03 per barrel around 9:35 GMT.
