Energy

Oil prices jump to multiyear highs after OPEC+ talks yield no production deal

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Oil pumping jacks, also known as “nodding donkeys”, operate in an oilfield near Almetyevsk, Tatarstan, Russia, on Wednesday, March 11, 2020.

Andrey Rudakov | Bloomberg | Getty Images

Oil jumped to its highest level in nearly three years on Monday after talks between OPEC and its oil-producing allies were postponed indefinitely, with the group failing to reach an agreement on production policy for August and beyond.

West Texas Intermediate crude futures, the U.S. oil benchmark, advanced 1.56%, or $1.17, to $76.33 per barrel, its highest level since October 2018. International benchmark Brent crude rose 1.2%, or 93 cents, to $77.10 per barrel.

Discussions began last week between OPEC and its…



Source cnbc.com

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