Oil edges up as OPEC+ seeks to break impasse over supply

Oil prices rose as exporters sought to reach a consensus over supply. (Reuters)

• The number of oil and gas rigs, an early indicator of future output, was up by 5 to 475 in the week to July 2

LONDON: Oil prices were slightly on Monday with investors and traders awaiting crucial talks by OPEC+ following disagreement over output within the group that could lead to major producers pumping up volumes to grab market share.
Brent crude was up 15 cents, or 0.2 percent, at $76.32 a barrel in early London trade, after slipping 1 cent last week, the first weekly decline in six. US oil gained 12 cents, or 0.5 percent, to $75.28 a barrel, having risen 1.5 percent last week, the sixth consecutive week of gains for the contract.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, voted on Friday to increase production by about 2 million barrels a day from August to December 2021 and to extend the remaining output cuts to the end of 2022, but objections from the UAE prevented an agreement.
In the United States, energy companies increased oil and natural gas rigs for a third week out of the last four.
The number of oil and gas rigs, an early indicator of future output, was up by 5 to 475 in the week to July 2, the most since April 2020, Baker Hughes Co. said in its closely watched report on Friday.