Crude oil retreat from 6 year highs as OPEC meet cancelled   

July 7 (Lagos) - The Organization of Petroleum Exporting Countries and its allies have not agreed on any oil production deal as they called off oil output talks on Monday after clashing last week when the United Arab Emirates rejected a proposed eight-month extension to output cuts.

Crude oil prices hit a 6 year high earlier this week but were slightly lower today at $73.25 for WTI in New York for August delivery. 

Brent crude oil prices were slightly lower at $74.29 per barrel. 

Analysts are expecting higher crude oil prices after a stand-off between key OPEC members Saudi Arabia and UAE threatened to spill out of the barrel. 

reporting for on Tuesday, July 6 2021 from Lagos, Nigeria

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