Oil at highest levels since 2018 as OPEC+ discussions called off

Ministers of OPEC+ abandoned oil output talks and set no new date to resume them, after clashing last week.

Oil prices extended gains to hit some of their highest levels since 2018 after OPEC+ discussions were called off, heightening expectations that supplies will tighten further just as global fuel demand recovers from a COVID-19-induced slump. Brent crude climbed 18 cents or 0.2 percent to stand at $77.34 a barrel by 0542 GMT, after gaining 1.3 percent on Monday. An earlier session peak of $77.61 was its highest level since October 29, 2018. US West Texas Intermediate (WTI) crude futures were at $76.57 a barrel, up $1.41 or 1.9 percent from Friday’s close. There were no settlements on Monday, a US holiday to mark Independence Day.