Oman crude trades at $76.09
Oil price hits 2014 peak after OPEC+ talks fail
Published: 09:07 AM,Jul 06,2021 | EDITED : 12:07 PM,Jul 06,2021
The Oman crude was traded on the Dubai Mercantile Exchange at $76.09 for September delivery.
The crude saw an increase of $1.34, compared to Monday's price of $74.75.
Oil struck a 2014 pinnacle on Tuesday after OPEC+ crude producers failed to agree on lifting output despite demand soaring along with the global economic recovery.
Just before 0900 GMT, US benchmark West Texas Intermediate (WTI) crude for August delivery hit $76.98 per barrel, a level last seen in November 2014.
The OPEC+ group on Monday cancelled a planned meeting that was supposed to overcome an impasse between the United Arab Emirates and other members on how to lift output.
'Oil advanced... as OPEC+ abandoned its July meeting, after the UAE stood its ground over production increases,' said Markets.com analyst Neil Wilson.
'The failure to agree to increasing production in August and beyond leaves the market even more in deficit than before, so... WTI spiked to a near seven-year peak this morning close to $77.'
Oil producing nations have slowly lifted output in recent months after turning the taps down last year in response to a collapse in prices caused by coronavirus lockdowns.
With demand rocketing on the back of the global rebound -- and the US holiday driving season under way -- officials had planned to hike output by 400,000 barrels a day each month from August to December, but the deadlock means no new supplies will be forthcoming.
The breakdown of talks between OPEC and other key crude nations raised the possibility of oil hitting $100 -- a level not seen since 2014.
The crude saw an increase of $1.34, compared to Monday's price of $74.75.
Oil struck a 2014 pinnacle on Tuesday after OPEC+ crude producers failed to agree on lifting output despite demand soaring along with the global economic recovery.
Just before 0900 GMT, US benchmark West Texas Intermediate (WTI) crude for August delivery hit $76.98 per barrel, a level last seen in November 2014.
The OPEC+ group on Monday cancelled a planned meeting that was supposed to overcome an impasse between the United Arab Emirates and other members on how to lift output.
'Oil advanced... as OPEC+ abandoned its July meeting, after the UAE stood its ground over production increases,' said Markets.com analyst Neil Wilson.
'The failure to agree to increasing production in August and beyond leaves the market even more in deficit than before, so... WTI spiked to a near seven-year peak this morning close to $77.'
Oil producing nations have slowly lifted output in recent months after turning the taps down last year in response to a collapse in prices caused by coronavirus lockdowns.
With demand rocketing on the back of the global rebound -- and the US holiday driving season under way -- officials had planned to hike output by 400,000 barrels a day each month from August to December, but the deadlock means no new supplies will be forthcoming.
The breakdown of talks between OPEC and other key crude nations raised the possibility of oil hitting $100 -- a level not seen since 2014.