Oil holds gain as OPEC+ tension builds before talks resume

SINGAPORE (BLOOMBERG) - Brent oil held gains near US$76 a barrel ahead of another round of critical Opec+ talks to break a stalemate over raising production, with tension rising over the weekend between two long-time allies. Negotiations are set to resume later on Monday after ending Friday without a deal to boost output due to demands from the United Arab Emirates for better terms for itself. The impasse has led to a rare diplomatic spat between Saudi Arabia and the UAE and leaves the market guessing how much oil it will get next month. Futures in London were steady after fluctuating earlier. "It's the whole group versus one country, which is sad to me but this is the reality," Saudi Energy Minister, Prince Abdulaziz Salman, said in an interview with Bloomberg Television on Sunday night. Brent crude jumped more than 8 per cent last month, capping a powerful first-half rally, aided by a steady demand recovery in key economies including the United States, Europe and China. That advance was also underpinned by Opec+ keeping a tight rein over supplies. Elevated energy prices are stoking worries about inflation, and the White House is already voicing concern about rising gasoline price...