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Oil falls after OPEC extends supply talks
Oil prices fell on Friday, July 2 after OPEC ministers postponed their meeting on production policy, while sources said that the UAE had blocked plans to return two million barrels per day to the market in the second half of the year.
Brent crude futures were down 20 cents at $75.64 a barrel by 07:20 GMT, after rising 1.6 percent on Thursday.
US West Texas Intermediate crude futures fell 15 cents to $75.08, after jumping 2.4% on Thursday to close at their highest level since October 2018.
Impact of the OPEC meeting extension
Both benchmarks made gains on Thursday on the unexpectedly cautious plans of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, the group known as OPEC+. The proposal, which sources said was backed by Saudi Arabia and Russia, was for the group of producers to add 400,000 bpd each month from August until the end of the year.
But prices fell after reports that the plan faced opposition from the UAE and OPEC + postponed the ministerial meeting until today
