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Oil rises after big draw in inventories

Oil rises after big draw in inventories Brent crude oil futures rose 29 cents to $73.72 a barrel Reuters July 09, 2021 NEW YORK: Oil prices rose on Thursday, rebounding from early losses after the US government data showed a much bigger drop than expected in crude and gasoline inventories. Still, Brent prices remained $5 a barrel below Monday’s close, as traders were worried global crude supplies might swell following the collapse of negotiations between the Organisation of the Petroleum Exporting Countries and allies including Russia, a group known as OPEC+. Brent crude oil futures rose 29 cents to $73.72 a barrel and US West Texas Intermediate futures rose 26 cents to $72.46 a barrel.

Saudi-UAE clash prevents agreement on oil output at OPEC meeting

Saudi-UAE clash prevents agreement on oil output at OPEC meeting 09 Jul 2021, 13:39 GMT+10 DUBAI, United Arab Emirates: After two days of failed discussions, the OPEC+ ministers abandoned talks about an increase in oil output starting next month, after the UAE rejected a proposed eight-month extension to output curbs. OPEC s Secretary General Mohammad Barkindo said in a statement on Monday that the meeting had been cancelled without a date for the next one being set. There is no decision about August and discussions still continue. The market needs that oil, a source said. The failure of the talks helped to drive up international benchmark Brent crude, which was trading 1.1 percent higher at above $77 per barrel.

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