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Oil prices closed lower for the day as tensions are emerging within OPEC+. Saudi Arabia and the UAE were unable to come to terms on supply, dissolving the discussions on production increases and initially leading the market to trade higher.

Oil prices closed lower for the day as tensions are emerging within OPEC+. Saudi Arabia and the UAE were unable to come to terms on supply, dissolving the discussions on production increases and initially leading the market to trade higher.

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Brent crude prices rose on Wednesday 34 cents to settle at $74.62 per barrel. WTI gained 49 cents to settle at $73.47 a barrel. US crude stockpiles fell last week for the sixth straight week as refiners increase output

Oil prices were mostly flat for the day but traded up slightly. Mohammad Barkindo, secretary general of OPEC told an OPEC committee that 2021 demand was expected to grow by 6MM/bpd with 5MM/bpd of that in the second half of the year.

Oil prices came off today, ahead of the OPEC+ meeting on Thursday, after initially rising to new highs earlier in the session. Geopolitical tensions are rising as the US carried out airstrikes in Syria over the weekend.

Oil prices continued to rise today, supported by yesterday’s inventory draw down and doubts about negotiations on the Iran deal.

Oil prices had a strong session, buoyed by positive EIA data showing mostly positive inventory numbers and growing demand.