Crude Oil Prices Hit Seven-year High As OPEC, Allies disagree on Production

Following the failure of the Organisation of Petroleum Producing Countries (OPEC) and its allies to agree on production plan, Crude oil prices on Tuesday tracked higher with the US crude benchmark inching closer to a seven-year peak.OPEC and its allies called off a meeting to discuss production plans.

Although prices were stabilised on Monday, Tuesday witnessed a spike on Tuesday probably because investors feared that the OPEC+ group discordant positions on joint production would mean immiment supply strain.
A study of the market showed that West Texas Intermediate crude oil futures were higher by 1.6 per cent at $76.34 per barrel recently. Brent oil, WTI’s international counterpart, went up by 0.2% to settle at $77.30 per barrel.

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