Oil prices touched their highest levels in years on Tuesday, a day after OPEC, Russia and their allies failed yet again reach agreement on production increases. A teleconference planned for Monday never started, following meetings on Thursday and Friday that did not reach a deal. West Texas Intermediate, the U.S. benchmark, rose as high as $76.98 a barrel earlier in the day, its highest in more than six years, before retreating. Brent crude, the global benchmark, dropped nearly 3.5 percent to around $74.55 a barrel. The volatility reflected worry that the deadlock in OPEC Plus, the alliance of oil producers, means that too little oil would reach the markets at a time of growing consumption as the effects of the pandemic ease and summer travel booms.

Source: New York Times July 06, 2021 11:29 UTC