OPEC+ crisis deepens as Saudi Arabia refuses to budge, oil edges up

Oil prices were slightly up on Monday with investors and traders awaiting crucial talks by OPEC+ following disagreement over output within the group that could lead to major producers pumping up volumes to grab market share.

Brent crude was up 15 cents, or 0.2%, at $76.32 a barrel by 0558 GMT, after slipping 1 cent last week, the first weekly decline in six. U.S. oil gained 12 cents, or 0.5%, to $75.28 a barrel, having risen 1.5% last week, the sixth consecutive week of gains for the contract.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, voted on Friday to increase production by about 2 million barrels a day from August to December 2021 and to extend the remaining output cuts to the end of 2022, but objections from the United Arab Emirates (UAE) prevented an agreement.