Crude oil prices rebounded on Tuesday after talks between producer countries found a dead end. Investors are looking forward to the outcome of today's ongoing negotiation results.
Brent oil futures for March fell 0.2% to $ 50.97 a barrel while US WTI crude oil for February was at $ 47.56 a barrel, down 0.1%.
The Organization of the Petroleum Exporting Countries (OEPC) and its allies known as OPEC + still failed to reach an agreement for a change in oil production rates in February 2021.
Saudi Arabia opposes proposals for the production of more oil due to recent movement restrictions while Russia wants to increase production on the grounds of a recovery in supply demand.
Analysts see differences of opinion between producing countries as having a negative impact on the crude oil market.
However, there are factors that support the rise in oil prices, namely rising tensions in the Middle East.
There have been reports that the Iranian Revolutionary Guards seized a tanker with the South Korean flag in the bay waters and detained the ship's crew amid clashes between Tehran and Seoul over the issue of freezing of Iranian funds at a South Korean bank due to US sanctions.
