Oil trades slightly higher in early Monday trading as crude market investors await the outcome of negotiations among the Organization of Oil Exporting Countries and their OPEC+ allies.

The world's largest commodity trader, Vitol, foresees oil prices continuing to rise, forecasting OPEC+ output can keep pace with growth in fuel demand, reports Bloomberg News.

A barrel of European reference oil Brent trades Monday morning for USD 76.09 against USD 75.69 Friday afternoon. US counterpart West Texas Intermediate sells concurrently for USD 75.05 against USD 74.90.

OPEC+ faces disagreement about the easing of output caps amid the world's post-pandemic economic recovery.

Whereas the cartel broadly agrees to increase extraction by 2 million barrels per day throughout the year, objections raised by the United Arab Emirates have prevented a deal from being signed, Reuters reports.

Commodity trader Vitol expects oil to continue its upward trend because demand will probably surge dramatically in near future, writes Bloomberg News.

"Whatever OPEC+ agrees, it will surely be a fraction of the amount needed," Mike Muller, head of Vitol Group Asia, in a webcast cited by the US business media.

OPEC+ ministers have now been summoned to a third round of talks after failing to reach agreement last week.

English Edit: Daniel Frank Christensen

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