Oil little changed as investors await OPEC+ decision

SINGAPORE: Oil NSE 1.02 % prices were little changed on Tuesday after OPEC and allied producers, including Russia, continued deadlocked talks on February output while fuel demand concerns lingered on amid new COVID-19 lockdowns.

Brent crude futures for March rose 8 cents, or 0.2%, to $51.17 a barrel by 0206 GMT, while U.S. West Texas Intermediate crude for February was at $47.74 a barrel, up 12 cents, or 0.3%.

Both contracts fell more than 1% on Monday after the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, failed to agree on February’s oil output levels.

Saudi Arabia argued against pumping more because of new lockdowns while Russia led calls for higher production, citing recovering demand.