Oil was up Tuesday morning in Asia even as the Organization of the Petroleum Countries and allies (OPEC+) failed to reach a deal to increase fuel output in August after days of talks.
The OPEC+ talks collapsed on Monday as the United Arab Emirates (UAE) seeks to increase supply against Saudi Arabia's proposal to keep a tight lid on production, and the cartel has yet to agree on a date for its next meeting.
Investors are now concerned that the dispute could escalate into a conflict as destructive as 2020’s price war between Saudi Arabia and Russia that led the black liquid into negative territory.
The market is bullish with last week’s pressing rallies hitting likely new target levels up. A close over 77.00 will spark additional buying for a run beyond 80.00 levels.