HUT - Oil market still awaiting OPEC+ production decision; talks to resume Monday
Crude oil tallied its sixth straight weekly gain but barely budged today, as the dispute among OPEC+ ministers over plans to further ease production curbs dragged on at the alliance's full meeting today.Negotiations will resume on Monday after today's meeting ended without a deal, with the United Arab Emirates still blocking a proposal to increase supply.The unsuccessful attempts to break a deadlock raise the risk that a failure to act will squeeze an already tight market, potentially sending oil prices sharply higher.Already, 4th of July gasoline prices in the U.S. will be the highest for the holiday weekend in seven years, and forecasts see prices rising even higher later in the summer.August WTI (CL1:COM) closed today -0.1% to $75.16/bbl, while September Brent (CO1:COM) settled +0.4% to $76.17/bbl.Energy (XLE) edged lower this week, -0.8%, after leading the S&P sector standings with a 6.6% jump last week.This week's top 5 gainers in
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Oil market still awaiting OPEC+ production decision; talks to resume Monday