Global prices for crude oil edged up on Monday before an Opec+ meeting and a pending decision over future production increases. At 13:10 GMT, Brent, the international benchmark for two-thirds of the world’s oil, gained 0.12 percent to reach $76.26 a barrel. Similarly, the US West Texas Intermediate (WTI) reached $75.30, up 0.19 percent. The price for Opec Basket was recorded at $74.84 a barrel with 1.68 percent increase, Arab Light was available at $75.51 a barrel with 0.91 percent increase, while the price of Russian Sokol reached $75.28 after gaining 0.71 percent. Opec and its allies, led by Saudi Arabia and Russia, failed to reach consensus on Thursday and Friday during a ministerial gathering that followed a joint ministerial monitoring committee meeting. Some members of the alliance have called for a revision of the group’s current baseline for calculating production quotas. On Sunday, the UAE, Opec’s third-largest producer, affirmed its commitment to the oil exporters’ bloc and the Opec+ alliance. However, the country’s Ministry of Energy and Infrastructure said it “believes that the market needs an increase in production and supports an increase from August”, according to a report by state-run news agency Wam. Opec+ is considering plans to bring back 2 million barrels per day to the market by the end of the year. The group came together at the height of the coronavirus-induced demand crunch to introduce record output curbs of about 10 million bpd last year. Growing energy demand worldwide – as economies relax Covid-19 movement restrictions – has caused prices to rise by about 50 percent from the start of the year. Crude prices are currently trading higher due to Opec+’s supportive policies and growing demand as business activity resumes amid receding Covid-19 infection rates in major economies.