UPDATE 2-Saudi Arabia pushes back on UAE opposition to OPEC+ deal Reuters 4 hrs ago
(Adds quote from Saudi minister, context on Saudi-UAE ties)
By Marwa Rashad and Ghaida Ghantous
DUBAI, July 4 (Reuters) - Saudi Arabia s energy minister pushed back on Sunday against opposition by fellow Gulf producer the United Arab Emirates to a proposed OPEC+ deal and called for compromise and rationality to secure agreement when the group reconvenes on Monday.
It was a rare public spat between allies whose national interests have increasingly diverged, spilling over into OPEC+ policy setting at a time consumers want more crude to aid a global recovery from the COVID-19 pandemic.
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Oil drops as lack of OPEC+ unity hangs over market Oil prices fell on Monday, with Brent dropping after four days of gains, as investors and traders awaited crucial talks by OPEC+ following disagreement within the group that could lead to major producers pumping up volumes to grab market share.
FILE PHOTO: A petrol station attendant prepares to refuel a car in Rome, Italy, January 4, 2012. REUTERS/Max Rossi/File Photo
05 Jul 2021 10:15AM Share this content
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TOKYO: Oil prices fell on Monday, with Brent dropping after four days of gains, as investors and traders awaited crucial talks by OPEC+ following disagreement within the group that could lead to major producers pumping up volumes to grab market share.
(The opinions expressed here are those of the author, a columnist for Reuters.)
LAUNCESTON, Australia, July 5 (Reuters) - The OPEC+ group of oil exporters is struggling to reach a compromise over just how much more crude to supply to the market, but assuming a deal is eventually cut, it’s likely to be bearish for prices.
The group had agreed last week to boost its production by a total of 2 million barrels per day (bpd) from August to December. But that accord wasn’t ratified after the United Arab Emirates (UAE) wanted changes that would allow it to increase its output by a larger amount.
SGX Nifty:
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 95 points at the opening bell.
Global markets:
Overseas, Asian stocks are trading mixed on Monday after U.S. shares climbed further on speculation the Federal Reserve has scope to continue providing substantial stimulus support.
A private survey on China s services sector activity in June showed growth slowing sharply in June to a 14-month low. The Caixin/Markit services Purchasing Managers Index for June, released Monday, came in at 50.3 a significant decline from May s reading of 55.1.
U.S. markets will remain closed on Monday in observance of Independence Day.