Baghdad Oil prices stabilized after a sharp decline in the previous session, following the cancellation of talks among OPEC + producers, which increased the possibility that the world’s major crude exporters would turn to increasing their production to obtain market shares.
Brent crude rose 3 cents to $74.56 a barrel, after falling more than 3 percent on Tuesday.
US oil also rose 7 cents to $73.44 a barrel, after falling more than 2% in the previous session.
Energy Ministers from OPEC+, a group that includes the Organization of the Petroleum Exporting Countries (OPEC) along with Russia and other oil producing countries, ended their meeting.
The divisions between Saudi Arabia, the largest producer in OPEC, and the United Arab Emirates, which opposed the extension of supply restrictions, the collapse of the talks initially led to higher oil prices with US oil reaching its highest levels since 2014, but then cast a cloud over the OPEC’s production policy.”
Source: National Iraqi News Agency