OPEC talks on output fail, crude oil prices reach three-year high

Oil prices jumped to a three-year high after the Organization of the Petroleum Exporting Countries (OPEC) and their allies failed to reach an oil output deal for the third time to meet global demand amid post-pandemic recovery. 

Oil prices jumped to a three-year high after the Organization of the Petroleum Exporting Countries (OPEC) and their allies, including Russia (together known as OPEC plus), failed to reach an oil output deal for the third time to meet global demand amid post-pandemic recovery. OPEC plus nations are trying to fix an oil output policy to align with demand during post-pandemic revival. But uncertainty and deadlock over crude supply has fuelled oil prices above $77 a barrel on Monday (July 5), the highest since late 2018.