Oil steadies after tumble as market awaits OPEC+ clarity | Reuters

Oil steadies after tumble as market awaits OPEC+ clarity | Reuters

Oil prices rose on Wednesday, recovering from a steep drop in the previous session, after the cancellation of talks among OPEC+ producers that raised the prospect the world's major crude exporters will turn on the taps to gain market share.

Brent crude was up 74cents, or 1%, at $75.27 a barrel by 0715 GMT, after slumping more than 3% on Tuesday. U.S. oil was up 88 cents, or 1.2%, at $74.25 a barrel, having declined by more than 2% in the previous session.

Energy ministers from OPEC+, a grouping that includes the Organization of the Petroleum Exporting Countries (OPEC) along with Russia and other oil producing countries, ended talks on supply policy on Monday.

Divisions between Saudi Arabia, the biggest OPEC producer, and the United Arab Emirates (UAE), which opposed extending supply constraints designed to support prices after the fall in demand from the pandemic, were the main reason behind the failure of the discussions.