Oil prices extend gains after OPEC+ talks called off | Reuters

Oil prices extend gains after OPEC+ talks called off | Reuters

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% to stand at $77.34 a barrel by 0542 GMT, after gaining 1.3% on Monday. An earlier session peak of $77.61 was its highest level since October 29, 2018.

U.S. West Texas Intermediate (WTI) crude futures were at $76.57 a barrel, up $1.41 or 1.9% from Friday’s close. There were no settlements on Monday, a U.S. holiday to mark Independence Day.

It hit $76.77 a barrel earlier on Tuesday, just shy of an October 2018 peak of $76.90.

Ministers of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, abandoned oil output talks and set no new date to resume them, after clashing last week when the United Arab Emirates rejected a proposed eight-month extension to output curbs.