Oil prices unchanged as OPEC+ continues negotiations

As the global oil market awaits stalling talks between the major oil-producing nations on future production policy, oil prices remained unchanged on Monday from the price it stood on the last trading day of last week.

For instance, a barrel (159 litres) of North Sea, Brent cost 76.18 dollars on Monday morning, about the same as on Friday.

The price of a barrel of the U.S. variety, West Texas Intermediate (WTI) was also hardly changed from 75.20 dollars.

Consultations by the OPEC+ oil association goes into overtime on Monday.

Before the weekend, the 23 countries had failed to agree on a common production policy.

Production should have been increased in monthly steps until the end of the year to meet rising demand, but a dispute between the oil power Saudi Arabia and the United Arab Emirates (UAE) has prevented an agreement.