Oil prices are up more than 2% this afternoon after Reuters reported, citing sources, that OPEC+ members fail to reach an agreement for the upcoming meeting on Thursday.
Around 2:00 PM, the WTI (CCOM:OILCRUDE) barrel for January was up by 2.52% at $76.75. Meanwhile, the Brent (CCOM:OILBRENT) barrel for February saw an increase of 2.38% at $81.77.
According to Reuters, the deadlock could lead to either a further postponement of the meeting or even an extension of the production quotas currently adopted by the group.
While this would mean that more aggressive cuts would not be implemented, the extension of current quotas eliminates the possibility of meeting the request from African countries to increase the commodity’s supply.