OPEC+ Fails To Get A Deal Resulting Oil Prices Reaching A Six-Year High

 

World Oil/Bloomberg: Oil prices hit 2014 records as OPEC plunges deeper into crisis 

 (Bloomberg) --Oil jumped to the highest in more than six years after a bitter fight between Saudi Arabia and the United Arab Emirates plunged OPEC+ into crisis and blocked a supply increase. 

West Texas Intermediate crude advanced to $76.98 a barrel, the highest since November 2014, as the breakdown in talks left the market without the extra supplies for next month it had been counting on. 

What happens next will determine whether the standoff could escalate into a conflict as destructive as last year’s price war. 

At stake is the stability of the global economic recovery amid growing inflationary pressures, and the ability of the producers’ alliance to retain its hard-won control over the oil market. 

With the U.S. holiday driving season underway and gasoline prices already above $3 a gallon -- seen as a sensitive threshold for motorists -- the fear that events could spiral further was evident, with the White House urging a

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