OPEC+ crisis deepens as Saudi Arabia refuses to budge, oil edges up

OPEC and its allies on Friday voted to increase production by about 2 million barrels a day from August to December 2021 extend the remaining output cuts to the end of 2022

Oil prices were slightly up on Monday with investors and traders awaiting crucial talks by OPEC+ following disagreement over output within the group that could lead to major producers pumping up volumes to grab market share.

Brent crude was up 15 cents, or 0.2%, at $76.32 a barrel by 0558 GMT, after slipping 1 cent last week, the first weekly decline in six. U.S. oil gained 12 cents, or 0.5%, to $75.28 a barrel, having risen 1.5% last week, the sixth consecutive week of gains for the contract.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+,