Oil prices stagnate as OPEC+ plans to continue negotiations

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File photo taken on March 12, 2019 shows operating oil pumps in Luling of Texas, the United States. U.S. oil prices turned negative on April 20, 2020. West Texas Intermediate crude for May delivery shed more than 300 percent to settle at -37.63 U.S. dollars per barrel on the New York Mercantile Exchange. (Xinhua/Wang Ying)
File photo taken on March 12, 2019 shows operating oil pumps in Luling of Texas, the United States. U.S. oil prices turned negative on April 20, 2020. West Texas Intermediate crude for May delivery shed more than 300 percent to settle at -37.63 U.S. dollars per barrel on the New York Mercantile Exchange. (Xinhua/Wang Ying)

Oil prices hardly moved at the start of the week, as a cautious market eyes stalling talks between the major oil-producing nations on future production policy.

A barrel (159 litres) of North Sea Brent cost 76.18 dollars on Monday morning, about the same as on Friday. The price for a barrel of the US variety West Texas Intermediate (WTI) was – also hardly changed – 75.20 dollars.

Consultations by the OPEC+ oil association go into overtime on Monday. Before the weekend, the 23 countries had failed to agree on a common production policy.

Production should have been increased in monthly steps until the end of the year in order to meet rising demand, but a dispute between the oil power Saudi Arabia and the United Arab Emirates (UAE) has prevented an agreement.

The dispute reportedly revolves around both the extent of the production increase until the end of the year and the extension of the conditions under which OPEC+ operates.

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