World Oil/Bloomberg: Oil prices hit 2014 records as OPEC plunges deeper into crisis
(Bloomberg) --Oil jumped to the highest in more than six years after a bitter fight between Saudi Arabia and the United Arab Emirates plunged OPEC+ into crisis and blocked a supply increase.
West Texas Intermediate crude advanced to $76.98 a barrel, the highest since November 2014, as the breakdown in talks left the market without the extra supplies for next month it had been counting on.
What happens next will determine whether the standoff could escalate into a conflict as destructive as last year’s price war.
At stake is the stability of the global economic recovery amid growing inflationary pressures, and the ability of the producers’ alliance to retain its hard-won control over the oil market.
With the U.S. holiday driving season underway and gasoline prices already above $3 a gallon -- seen as a sensitive threshold for motorists -- the fear that events could spiral further was evident, with the White House urging a compromise.
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More News On OPEC+ Failing To Get A Deal Resulting In Oil Prices Reaching A Six-Year High
Oil at highest levels since 2018 as OPEC+ discussions called off -- Al Jazeera
Oil touches six-year high after OPEC fails to get deal, then turns negative -- CNBC
Futures On Edge At All Time High As Oil Surges To Highest Since 2014 -- Zero Hedge
Biden Urges OPEC+ To Raise Output Amid Soaring Crude Prices -- OilPrice.com
Is this the end of OPEC? How Saudi Arabia and UAE infighting threatens the future of the oil alliance -- Sam Meredith, CNBC
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