Oil price steady, traders on sidelines as OPEC+ talks drag on

Brent crude futures rose 33 cents to settle at $76.17 a barrel, after rising 1.6% on Thursday. U.S. West Texas Intermediate (WTI) crude futures fell 7 cents to settle at $75.16 a barrel, having jumped 2.4% on Thursday to close at their highest since October 2018.

NEW YORK: Oil prices steadied on Friday after OPEC+ ministers resumed talks on raising oil output the day after the United Arab Emirates blocked a deal, which could delay plans to pump more oil through the end of the year.

The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, are meeting again after UAE opposed the proposals, saying it wanted its quota to be higher, sources said. The long rally in prices could be undermined if OPEC+ nations go their separate ways and add to supply as they see fit.