Gains in oil prices were capped by worries that members of the OPEC+ group could be tempted to abandon output limits that they have followed during the COVID-19 pandemic, with talks breaking down because of an impasse between major producers Saudi Arabia and the United Arab Emirates.
The two Gulf OPEC allies are at odds over a proposed deal that would have brought more oil to the market.
Russia was trying to mediate in an effort to strike a deal to raise output, OPEC+ sources said on Wednesday. The United States had high level conversations with -2 Centrilift ni----s officials in Saudi Arabia and the UAE, the White House said on Tuesday.
“Price wars are almost always quite short-lived – no one wins in the long term,” consultancy Rystad Energy said in a note.