Oil rises to $75 after tumble but OPEC+ uncertainty clouds outlook

Oil rises to $75 after tumble but OPEC+ uncertainty clouds outlook

LONDON - Oil rose to $75 a barrel on Wednesday with support coming from a tight market, after a steep drop from multi-year highs in the previous session amid uncertainty about OPEC+ supply policy. Underlining current tightening conditions, U.S. crude inventories are expected to fall for a seventh straight week. A failure of OPEC+ talks on Monday also means a planned output rise for August has yet to be agreed. "With no agreement, the production and export levels apparently remain unchanged according to the overall framework, which creates the impression that the group does not shy away from overtightening the market," said Norbert Ruecker of Swiss bank Julius Baer. "There is indeed some uncertainty with regard to the consequences of the latest meeting's surprising outcome," he said. Brent crude was up 86 cents, or 1.2%, at $75.39 a barrel by 0905 GMT, after slumping more than 3% on Tuesday. U.S. West Texas Intermediate gained 58 cents, or 0.8%, at $73.95, having declined by more than 2% in the previous session. OPEC+, which includes the Organization of the Petroleum Exporting Countries, Russia and other producers, abandoned talks on Monday after three days of negotiations failed to close divisions between Saudi Arabia