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Brent Oil Jumps Past $77 After OPEC+ Fails to Reach Output Deal

  • OPEC+ members Saudi Arabia and UAE fail to resolve dispute
  • Deadlock tips cartel into crisis amid very tight oil market
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WATCH: Saudi Arabia Energy Minister Prince Abdulaziz bin Salman insists that OPEC+ must extend its production agreement to the end of next year.(Source: Bloomberg)
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Brent oil rose above $77 a barrel for the first time since 2018 after OPEC+ failed to reach an agreement on bringing back curtailed output, leaving the market with tighter supplies than expected.

The group’s oil ministers were unable to reach a compromise during talks on Monday, keeping current production limits in place for August and depriving the market from the extra barrels it needs as demand recovers from the pandemic.