Oil spikes, then falls back after OPEC+ fails to reach a deal

Oil prices touched their highest levels in years Tuesday, a day after OPEC, Russia and their allies failed yet again reach agreement on production increases. A teleconference planned for Monday never started, following meetings Thursday and Friday that did not reach a deal.

West Texas Intermediate, the U.S. bench mark, rose as high as $76.98 a barrel earlier in the day, its highest in more than six years, before retreating from that mark. By midmorning in New York, the price was down about 1% to $74.33 a barrel. Brent crude, the global bench mark, dropped about 2% to around $75.45 a barrel after having climbed as high as $77.84 earlier.