Oil prices edged lower on Friday after OPEC+ ministers delayed their output policy meeting, with sources saying the United Arab Emirates had balked at plans to return 2 million barrels per day (bpd) to the market in the second half of the year.
Brent crude futures were down 20 cents at $75.64 a barrel by 0720 GMT after rising 1.6% on Thursday.
U.S. West Texas Intermediate (WTI) crude futures were down 15 cents at $75.08, having jumped 2.4% on Thursday to close at their highest since October 2018.
Both benchmark contracts had registered Thursday's gains on unexpectedly cautious plans by the Organization of the Petroleum Exporting Countries (OPEC) and allies, together known as OPEC+. The proposal, which sources said was supported by Saudi Arabia and Russia, was for the producer group to add back 400,000 bpd a month from August until the end of the year.
Prices retreated, though, after the plan was reported to have met resistance from the UAE and OPEC+ postponed a ministerial meeting to Friday.
Reference: CNBC
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