Oil prices steady after steep drop as market awaits OPEC+ clarity
TOKYO (Reuters) – Oil prices steadied on Wednesday after a steep drop in the previous session, following the cancellation of talks among OPEC+ producers that raised the prospect that the world’s major crude exporters will turn on the taps to gain market share.
Brent crude was up 3 cents at $74.56 a barrel by 0115 GMT, after slumping more than 3% on Tuesday. U.S. oil was up 7 cents at $73.44 a barrel, having declined by more than 2% in the previous session.
Energy ministers from OPEC+, a grouping that includes the Organization of the Petroleum Exporting Countries (OPEC) along with Russia and other oil producing countries, ended talks on supply policy on Monday.
