Oil Prices were little changed in early Asian trade on Monday. This as an impasse in talks among key producers to raise output in coming months kept supplies tight, offsetting concerns about coronavirus’ impact on the global economy.
Brent crude for September fell 4 cents to $75.51 a barrel by 0032 GMT while U.S. West Texas Intermediate crude for August was at $74.57 a barrel, up 1 cent. Oil Prices slumped last Tuesday after the Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, did not reach an agreement to increase output from August.
In response to higher Oil Prices, U.S. energy firms added oil and natural gas rigs for a second week in a row, data from Baker Hughes showed. The spread of coronavirus variants and unequal access to vaccines threaten the global economic recovery, finance chiefs of the G20 large economies warned on Saturday. The new Covid-19 infections show them rising in 69 countries, with the daily rate pointing upwards since late June and now hitting 478,000.