Oil Prices Edge Higher In Cautious Trade

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Oil prices rose on Tuesday after falling sharply in the previous session on concerns over outlook for energy demand and the failure of the Organization of the Petroleum Exporting Countries (OPEC) to decide whether to increase output in February.

Brent crude for March settlement edged up 0.3 percent to $51.25 a barrel, while West Texas Intermediate futures for February delivery were up 0.6 percent at $47.90.

Talks between OPEC and its allies will continue for a second day today after most members, including Saudi Arabia, opposed Russia’s proposal for another supply hike amid a shaky short-term demand backdrop.

A weak dollar index and renewed tension around Iran’s seizure of a South Korean vessel offered some support for oil as England entered into a national lockdown for the third time to curb coronavirus spread.

Germany is set to extend its curbs and Japan is considering another state of emergency for the Tokyo area.

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