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 […]