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Oil jumped to its highest level in six years 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.

On Tuesday, U.S. oil benchmark West Texas Intermediate crude futures traded as high as $76.98, a price not seen since November 2014.

But those gains quickly faded, and the contract for August delivery drifted lower during the session and ultimately settled down 2.38%, or $1.79, at $73.37 per barrel.

Brent crude hit its highest level since late 2018 before also reversing gains, and finished the session $2.63, or 3.4%, lower at $74.53 per barrel. Read more…