Oil rises further on hopes of tighter supply as OPEC+ talks abandoned

TOKYO (Reuters) – Oil prices rose slightly on Tuesday after the previous day’s rally, supported by expectations of a tighter market as output talks of OPEC+ nations were called off, but concerns that members may start to increase production capped gains.

Brent crude was up 7 cents, or 0.1%, at $77.23 a barrel by 0052 GMT, after gaining 1.3% on Monday.

U.S. West Texas Intermediate (WTI) crude futures were at $76.38 a barrel, up $1.22, or 1.6%, from Friday’s close, having traded through a U.S. holiday to mark Independence Day without a settlement.

Ministers of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, called off oil output talks and set no new date to resume them,