Oil prices hit highest level in six years after OPEC talks fail

Posted on AllSides July 7th, 2021
From The Right

U.S. oil prices hit multi-year highs Tuesday after the group of oil-producing nations known as OPEC+ failed to reach an agreement to boost output.

The West Texas Intermediate futures, the U.S. benchmark, rose to $76.98 a barrel early Tuesday, the highest level since 2014, before falling slightly to $74.56 a barrel. Brent crude, the global benchmark, hit $77.84 a barrel early Tuesday, its highest level since October 2018, before lowering to $75.74.

The jump in oil prices comes as demand is returning rapidly as the United States and other major...

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