(Bloomberg) — Oil in New York held on to most of its overnight gains after infighting within OPEC+ delayed a decision on production levels.
West Texas Intermediate slipped 0.3% to trade near $75 a barrel on Friday, following its biggest gain in more than a week. The alliance between the Organization of the Petroleum Exporting Countries and others including Russia was forced to postpone its decision to return more oil to the market after a key member blocked the deal at the last minute.
The standoff between the United Arab Emirates and the rest of the cartel could ultimately mean that OPEC+ won’t increase production at all, according to a delegate. The group earlier appeared to have an agreement in principle to boost output by 400,000 barrels a day each month from August to December.
Ministers will reconvene on Friday.
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