Publishing date: Jul 01, 2021 • 1 hour ago • 2 minute read •
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(Bloomberg) — Oil held its overnight gains in Asia after infighting within OPEC+ delayed a much-anticipated decision on output levels, risking an inflationary spike in prices if the group can’t come to an agreement.
Futures in New York traded above $75 after jumping 2.4% on Thursday. The alliance was forced to postpone its decision on monthly production after the United Arab Emirates blocked a deal at the last minute. The standoff could ultimately lead to OPEC+ not increasing output at all, according to a delegate, which would mean the cartel would fall back on existing terms that call for production to remain unchanged until April 2022.