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Oil prices retreat after OPEC+ standoff

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Oil prices retreat after OPEC+ standoff

Oil prices reversed earlier gains to end lower on Tuesday after major oil-producing countries failed to reach a deal on output policy, Trend reports citing Xinhua.

The West Texas Intermediate for August delivery lost 1.79 U.S. dollars to settle at 73.37 U.S. dollars a barrel on the New York Mercantile Exchange. Earlier in the session, the U.S. crude benchmark traded as high as 76.98 dollars a barrel, its highest level since November 2014.

Brent crude for September delivery decreased 2.63 dollars to close at 74.53 dollars a barrel on the London ICE Futures Exchange, after hitting its highest level since 2018.

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Read more here >>> Trend – News from Azerbaijan, Georgia, Kazakhstan, Turkmenistan, Uzbekistan, Iran and Turkey.

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Oil prices retreat after OPEC+ standoff
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