Oil leapfrogs to multi-year high after OPEC+ talks collapse

London, July 6

Oil prices surged to multi-year highs on Tuesday including US crude hitting its highest since 2014 after OPEC+ producers fell out over plans to raise supply in the face of rising global demand. Brent crude climbed 62 cents, or 0.8%, to $77.78 a barrel by 0748 GMT, a level not seen since October 2018.

US West Texas Intermediate (WTI) crude futures traded up $1.75, or 2.3%, at $76.91, the highest since November 2014.

Talks collapsed on Monday among ministers from OPEC+, which groups producers from the Organisation of the Petroleum Exporting Countries (OPEC) with Russia and others. No date for resuming negotiations was agreed after the talks were carried over for a third day after disagreements last week. — Reuters