Oil ticks up as OPEC, allies delay output deal meeting | Reuters

Oil ticks up as OPEC, allies delay output deal meeting | Reuters

Oil prices ticked up on Tuesday, with early European trading erasing earlier losses, as all eyes were on talks between OPEC and its allies who postponed a formal meeting to decide whether to increase output from next month.

Brent crude was up 31 cents at $48.19 a barrel by 0847 GMT. West Texas Intermediate was up 28 cents at $45.62.

Both contracts surged around 27% in November after COVID-19 vaccine developments raised hopes of an economic recovery that could revive fuel demand.

OPEC+, which includes the Organization of the Petroleum Exporting Countries, Russia and other allies, delayed talks on output policy for next year until Thursday, sources told Reuters, as important players had not reached consensus.