Oil steady, traders on sidelines as OPEC+ talks drag on | Reuters

Oil steady, traders on sidelines as OPEC+ talks drag on | Reuters

Oil prices steadied on Friday after OPEC+ ministers resumed talks on raising oil output the day after the United Arab Emirates blocked a deal, which could delay plans to pump more oil through the end of the year.

The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, are meeting again after UAE opposed the proposals, saying it wanted its quota to be higher, sources said. The long rally in prices could be undermined if OPEC+ nations go their separate ways and add to supply as they see fit. read more

Brent crude futures rose 33 cents to settle at $76.17 a barrel, after rising 1.6% on Thursday.

U.S. West Texas Intermediate (WTI) crude futures fell 7 cents to settle at $75.16 a barrel, having jumped 2.4% on Thursday to close at their highest since October 2018.

"We're in wait-and-see mode here with OPEC," said John Kilduff, partner at Again Capital in New York. "We'll have to see where the Saudis want to come out in terms of holding the group together."