Oil jumped to its highest level in six years after talks between OPEC and its oil-producing allies were postponed indefinitely, with the group failing to reach an agreement on production policy for August and beyond.
On Tuesday, U.S. oil benchmark West Texas Intermediate crude futures advanced 1.6%, or $1.22, to $76.38 per barrel. At one point, WTI crude hit as high as $76.98, which was the highest price since November 2014.
International benchmark Brent crude rose 0.2%, or 16 cents, to $77.32 per barrel — the highest since late 2018.
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