Oil rises to $75 after tumble but OPEC+ uncertainty clouds outlook

Oil rose to $75 a barrel on Wednesday with support coming from a tight market, after a steep drop from multi-year highs in the previous session amid uncertainty about OPEC+ supply policy.

A failure of OPEC+ talks on Monday means a planned output rise for August has yet to be agreed. Without extra supply, the market may tighten further but disagreement among the producers could prompt them to open the taps and chase market share.

Underlining the current tightening conditions, U.S. crude inventories are expected to fall for a seventh straight week. [EIA/S]

Brent crude was up 67 cents, or 0.9%, at $75.20 a barrel by 0818 GMT, after slumping more than 3% on Tuesday.