Gas prices climb as crude oil briefly hits highest prices in 6 years

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Gas prices climb as crude oil briefly hits highest prices in 6 years
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Gas prices climb as crude oil briefly hits highest prices in 6 years
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Crude oil prices briefly reached their highest levels in six years early Tuesday before retreating slightly, as surging post-pandemic oil demand and fizzled talks among producers casts new volatility over energy markets.

Futures on West Texas Intermediate, the U.S. crude benchmark, were trading at $73.32 a barrel by midday Tuesday after topping $76.90 a barrel earlier. The price of WTI crude has skyrocketed by more than 50% since the beginning of the year.

Futures on Brent crude, the international benchmark, was $74.50 by midday Tuesday, a slight fall from its early morning high of $77.82. Since the beginning of the year, prices for Brent crude have climbed more than 45%.

The volatility comes as the waning pandemic is leading to a surge in demand for oil as industries reopen and global travel bounces back. In addition, a meeting of members of the Organization of the Petroleum Exporting Countries scheduled for Monday was abruptly called off. In a brief statement, OPEC Secretary General HE Mohammad Sanusi Barkindo did not give a reason for the last-minute cancellation, saying the date of the next meeting will be decided “in due course.” The oil producers were expected to discuss increases in production after failing to reach an agreement last week.

You can read the rest of ‘s article at ABCnews.com

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