Reuters - Oil prices accelerate rise as OPEC+ calls off output talks

July 5, 2021 – Reuters

Oil prices accelerate rise as OPEC+ calls off output talks

By: Bozorgmehr Sharafedin

Overseas demand has depleted domestic stockpiles, leading to potential cold-weather price surges for U.S. households

Thin trading on a U.S. holiday to mark Independence Day added to volatility, and prices could move sideways in the near term on "buyer fatigue" after a long bullish trend, said RBN Energy senior analyst Martin King.

Prince Abdulaziz bin Salman, energy minister of Saudi Arabia, the biggest oil exporter in OPEC, called on Sunday for "compromise and rationality" to secure a deal. read more

The standoff coincides with uncertainty about the course of the pandemic and concerns about the spread of the Delta variant of the coronavirus.

Read the full article here: https://www.reuters.com/world/middle-east/oil-drops-lack-opec-unity-hangs-over-market-2021-07-05/