LONDON (Reuters) - Oil prices ticked up on Tuesday, with early European trading erasing earlier losses, as all eyes were on talks between OPEC and its allies who postponed a formal meeting to decide whether to increase output from next month.
FILE PHOTO: A TORC Oil & Gas pump jack is seen near Granum, Alberta, Canada May 6, 2020.
Both contracts surged around 27% in November after COVID-19 vaccine developments raised hopes of an economic recovery that could revive fuel demand.
OPEC+, which includes the Organization of the Petroleum Exporting Countries, Russia and other allies, delayed talks on output policy for next year until Thursday, sources told Reuters, as important players had not reached consensus.
But with demand still under pressure from the pandemic, OPEC+ was considering extending current cuts into the first months of next year, a position backed by de facto OPEC leader Saudi Arabia, sources said.
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